Polished.com Inc. - POL STOCK NEWS

Polished.com Inc. received a deficiency letter from NYSE American stating non-compliance with listing standards. The company must effect a reverse stock split or demonstrate sustained price improvement until March 13, 2024. The letter has no immediate effect on stock trading or delisting. The company is actively engaged in discussions and developing plans to regain compliance.

Polished.com Inc. announced that the NYSE American will delist the company's warrants due to low trading price, but the common stock will continue to trade unaffected.

Polished.com regains compliance with NYSE listing standards after filing comprehensive Form 10-K for FY2022, positive for stock price

Polished.com Inc. files restated and/or delayed financial statements, positioning the company to retain its listing status on the NYSE American. Q2 2023 net product sales were $95.4 million, compared to $148.7 million in the prior year period. The company reported a net loss of $2.8 million for the quarter. For FY 2022, net product sales were $534.5 million, with a net loss of $126 million. Polished has secured an amendment to its credit agreement and has sufficient cash to fund its operations. The company expects Q2 2023 net sales of $85-90 million and annualized net sales of $375-400 million for the full year.

Polished.com Inc. (NYSE American: POL) announced estimated unaudited Net Sales for Fiscal Year 2022 of $519 million to $525 million, and for Q1 Fiscal Year 2023, between $94 million and $96 million. The company faced a sales slowdown in late 2022 attributed to changes in consumer demand and inventory reduction efforts, continuing into Q1 2023. Despite these challenges, Q1 sales aligned with the operational plan. For the upcoming year, Polished expects annualized Net Sales between $480 million and $520 million, with low to mid-single-digit EBITDA margins and positive cash flow. Additional updates include management's focus on strategic improvements and the consolidation of its New Jersey fulfillment centers.

Polished.com Inc. (NYSE: POL) announces it is non-compliant with NYSE American listing standards but has received an extension until July 31, 2023 to file overdue Quarterly Reports and restate previous financial statements. The compliance issue stems from an internal investigation concluded on December 22, 2022. The Company is working to regain compliance by the deadline, ensuring all necessary filings, including the Annual Report for 2022, will be submitted. No immediate impact on trading is noted, as Polished aims to fulfill regulatory requirements.

Polished.com (NYSE: POL) announced its Board is considering pathways to enhance shareholder value, including a potential sale of the company. Following interest from multiple parties, Polished engaged Jefferies as its financial advisor to explore credible acquisition options. The Board expressed confidence in its ongoing discussions with Morgan Dempsey Capital Management, aiming for a common goal: maximizing shareholder value. The new management team is reporting early progress, focusing on sustainable growth. However, no definitive transaction is guaranteed, and shareholders need not take immediate action.

Polished.com Inc. has announced the adjournment of its 2022 Annual Meeting of Stockholders to February 2, 2023 concerning Proposal 2, which seeks to increase the authorized number of shares of common stock. The initial meeting saw approximately 64% of shares represented, allowing for the approval of Proposal 1, Election of Directors. However, the necessary votes for Proposal 2 were insufficient. Stockholders who voted previously do not need to act again, and the board continues to support the proposals during the adjournment. All voting must be completed by 11:59 p.m. ET on February 1, 2023.