Polished.com Provides Update on Progress of Audit Committee Investigation

Rhea-AI Summary

Polished.com Inc. (NYSE: POL) has announced an update regarding the ongoing investigation by its Audit Committee. The committee's independent legal counsel has completed the investigative process, and the Board of Directors is currently evaluating the findings. The Company plans to disclose relevant results promptly. Polished specializes in providing a premium shopping experience for home appliances and has introduced customer-focused policies such as a 30-day return policy and extended warranties to enhance service quality.

Positive

• Completion of the investigation by the Audit Committee could lead to clarity and potential positive outcomes for investors.
• Polished enhances customer experience with its 'Love-It-Or-Return-It' 30-day policy and extended warranties.

Negative

• Ongoing investigation may indicate previous issues that could affect investor confidence.
• Uncertainty surrounding the results of the investigation could lead to volatility in stock performance.

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 provided a status update on the investigation being carried out by the Audit Committee of the Board of Directors.

The Audit Committee’s independent legal counsel and advisors have concluded their investigative process. The Board of Directors is now assessing the results. The Company will disclose relevant and material findings upon concluding its evaluation, which it intends to do on an expedited basis.

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/20221202005222/en/

Ashley Areopagita / Aaron Rabinovich

ir@polished.com

Source: Polished.com

FAQ

What is the status of the investigation for Polished.com Inc.?

The Audit Committee's independent legal counsel has concluded the investigative process, and the Board is evaluating the findings.

What does Polished.com Inc. do?

Polished.com Inc. is a technology-enabled shopping destination for appliances, furniture, and home goods in the U.S. market.

When will Polished.com Inc. disclose findings from the investigation?

Polished intends to disclose relevant findings from the investigation on an expedited basis.

What customer policies does Polished.com Inc. offer?

Polished offers a 'Love-It-Or-Return-It' 30-day policy and extended warranties to improve the shopping experience.

What impact could the investigation have on Polished.com Inc.'s stock?

The investigation's outcome may affect investor confidence and lead to volatility in the stock performance.