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NewAge, Inc. (Nasdaq: NBEV) announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The company filed a Notification of Late Filing with the SEC, indicating additional time is required due to a material weakness in financial reporting related to prior acquisitions. The delay may lead to a non-compliance notice from Nasdaq regarding timely filing requirements, though this will not immediately affect stock trading. NewAge continues to work on its consolidated financial statements and will file the Form 10-K as soon as possible.
NewAge, Inc. (NBEV) announced it will reschedule its fourth quarter and full year 2021 earnings report and conference call to allow additional time for its Annual Report on Form 10-K. The company plans to file a Form 12b-25, granting a 15-day extension for this filing, which is now expected to occur on or before March 31, 2022. The delay raises concerns regarding timely financial disclosures but reflects the company's commitment to ensuring accuracy in reporting.
NewAge, Inc. (NBEV) announced a new $12 million revolving line of credit with East West Bank, maturing in March 2024. The funds were used to pay off a $10.6 million loan under an 8.0% senior secured note. The new facility features an interest rate of Prime plus 1.75% and is interest-only until maturity. Chairman Ed Brennan highlighted that this move enhances the company's liquidity profile and successfully retires $30 million in senior secured debt related to the ARIIX acquisition.
NewAge, Inc. (Nasdaq: NBEV) has appointed Ed Brennan as interim CEO, succeeding Brent Willis, who resigned earlier this year. Brennan, who has been a Board member since 2017 and Chair since January 2022, will utilize his extensive experience in managing publicly traded companies to enhance NewAge's strategic and operational efficiency. He reaffirmed the company's dedication to its direct selling roots and its portfolio of health-focused products, while the Board searches for a permanent CEO. NewAge operates globally in health and wellness sectors through a vast network of Brand Partners.
NewAge, Inc. (Nasdaq: NBEV) announced the appointment of Michele Crocker to its Board of Directors. The Chairman, Ed Brennan, highlighted her extensive background in the direct selling industry and her expertise in recruitment and retention strategies, which will enhance the company's leadership. Crocker is currently COO at CIENCE and has significant experience from her time at Herbalife. NewAge focuses on promoting healthy products through a direct selling model across over 50 countries, aiming to inspire healthier living.
NewAge, Inc. (Nasdaq: NBEV) will release its financial results for the fourth quarter and full year ended December 31, 2021, on March 16, 2022, after market close. A conference call will take place that same afternoon at 5:00 p.m. Eastern Time, where analysts and investors can discuss the results. NewAge focuses on direct-to-consumer healthy products, operating in over 50 countries across health and wellness, beauty, and nutritional performance categories.
NewAge, Inc. (NBEV) received a notification from Nasdaq on February 24, 2022, indicating non-compliance with the $1.00 minimum bid price requirement. The company did not meet this criterion during a 30-day review period from January 11 to February 23, 2022. Despite this, NBEV's common stock will remain trading on Nasdaq, with a 180-day grace period until August 23, 2022, to regain compliance. To do so, it must achieve a closing bid price of at least $1.00 for 10 consecutive trading days. The company may consider options like a reverse stock split to meet these requirements.
NewAge (Nasdaq: NBEV) announces participation of CFO Kevin Manion in the 2022 ICR Conference, set for January 11, 2022, at 11:30 a.m. ET. The virtual presentation will cover the company's commitment to organic and healthy products through a direct-to-consumer model, reaching over 50 countries. NewAge focuses on health and wellness, beauty, and nutritional performance, leveraging a network of independent Brand Partners. Access the presentation via the company’s investor relations website.
NewAge, Inc. (Nasdaq: NBEV) announced preliminary, unaudited net revenue expectations for Q4 2021 between $99 million and $101 million, consistent with Q3 revenue of $100 million but below prior projections for growth. Contributing factors to this decline include ongoing COVID restrictions, evolving regulatory requirements in China and Europe, and shipping backlogs affecting inventory. Additionally, CEO Brent Willis has resigned effective immediately.
On January 10, 2022, NewAge, Inc. (NBEV) announced the immediate resignation of its CEO, Brent Willis, as reflected in a Form 8-K filed with the SEC. This decision was made by the Board of Directors and signifies a significant leadership change for the company, which specializes in D2C organic and healthy products. NewAge operates in over 50 countries, focusing on health and wellness, beauty, and nutritional performance.
