Polished.com Announces Delayed Filing of Third Quarter Financials

Rhea-AI Summary

Polished.com Inc. (NYSE: POL) has filed a Form 12b-25 with the SEC due to its inability to timely file its Form 10-Q for Q3 2022, ending September 30, 2022. This follows a previous delay concerning the Q2 2022 filing, which is attributed to an ongoing internal investigation into employment and inventory management practices. The Audit Committee is working with independent counsel to conclude this investigation before the financial statements are filed.

Positive

• None.

Negative

• Delayed filing of Form 10-Q for Q3 2022 raises concerns about financial oversight.
• Internal investigation into employment and inventory practices could indicate underlying issues.

BROOKLYN, N.Y.--(BUSINESS WIRE)-- Polished.com Inc. (NYSE: POL) (formerly known as 1847 Goedeker Inc.) (“Polished” or the “Company”), a content driven and technology enabled shopping destination for appliances, furniture and home goods in the U.S. household appliances market, today announced that it has filed a Form 12b-25 with the U.S. Securities and Exchange Commission (“SEC”) due to its inability to file its Form 10-Q for its third quarter of fiscal year 2022, which ended September 30, 2022, on a timely basis.

On August 15, 2022, Polished announced the delayed filing of its Form 10-Q for its second quarter of fiscal year 2022 due to an internal investigation being carried out by the Audit Committee focused on employment and inventory management practices. The investigation remains ongoing, and the Audit Committee continues to work diligently with independent counsel and consultants to complete the investigation as soon as possible.

As of the present date, the Company expects to file all delayed financial statements following the conclusion of the Audit Committee’s investigation.

ABOUT POLISHED

Polished is raising the bar, delivering a world-class, white-glove shopping experience for home appliances. From the best product selections from top brands to exceptional customer service, we are simplifying the purchasing process and empowering consumers as we provide a polished experience, from inspiration to installation. A product expert helps customers get inspired and imagine the space they want, then shares fresh ideas, unbiased recommendations and excellent deals to suit the project's budget and style. The goal is peace of mind when it comes to new appliances. Polished perks include its "Love-It-Or-Return-It" 30-day policy, extended warranties, the ability to arrange for delivery and installation at your convenience and other special offers. Learn more at www.Polished.com.

FORWARD LOOKING STATEMENTS

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will", "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company’s control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those described more fully in the section titled "Risk Factors" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221114005200/en/

Ashley Areopagita / Aaron Rabinovich

ir@polished.com

Source: Polished.com

FAQ

What is the reason for Polished's delayed filing of Form 10-Q for Q3 2022?

Polished is experiencing a delay due to an ongoing internal investigation by the Audit Committee concerning employment and inventory management practices.

What is the current status of Polished's internal investigation?

The investigation is ongoing, with the Audit Committee collaborating with independent counsel and consultants.

When will Polished file its delayed financial statements?

Polished expects to file all delayed financial statements following the conclusion of the Audit Committee's investigation.

What challenges is Polished facing concerning its SEC filings?

Polished has faced delays in filing due to issues related to an internal investigation, impacting its compliance with SEC requirements.

What financial report is Polished behind on?

Polished is currently behind on its Form 10-Q filing for the third quarter of fiscal year 2022, which ended on September 30, 2022.