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The Real Good Food Company Receives Nasdaq Notice Regarding Minimum Bid Price Requirements

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The Real Good Food Company, Inc. (NASDAQ: RGF) received notifications from Nasdaq regarding minimum bid price requirements and delayed filing of its Annual Report. The company has 180 days to meet the minimum bid price requirement or face delisting. It also has 60 days to submit a plan to regain compliance with the delayed Annual Report filing.
The Real Good Food Company, Inc. (NASDAQ: RGF) ha ricevuto notifiche da Nasdaq riguardo ai requisiti del prezzo minimo di offerta e al ritardo nella presentazione del suo Rapporto Annuale. La compagnia ha 180 giorni per soddisfare il requisito del prezzo minimo di offerta o rischia la cancellazione dalla lista. Ha inoltre 60 giorni per presentare un piano per riacquisire la conformità con la presentazione ritardata del Rapporto Annuale.
The Real Good Food Company, Inc. (NASDAQ: RGF) recibió notificaciones de Nasdaq con respecto a los requisitos del precio mínimo de oferta y la presentación tardía de su Informe Anual. La empresa tiene 180 días para cumplir con el requisito del precio mínimo de oferta o enfrentarse a la exclusión de la bolsa. También tiene 60 días para presentar un plan para recuperar el cumplimiento con la presentación tardía del Informe Anual.
The Real Good Food Company, Inc. (NASDAQ: RGF)는 최소 입찰 가격 요건과 연례 보고서 제출 지연과 관련해 나스닥으로부터 통지를 받았습니다. 회사는 최소 입찰 가격 요건을 충족하기 위해 180일이 있으며, 이를 충족하지 못할 경우 상장 폐지 위험에 직면하게 됩니다. 또한 연례 보고서 지연 제출과 관련하여 준수 상태를 회복하기 위한 계획을 제출할 60일이 있습니다.
The Real Good Food Company, Inc. (NASDAQ: RGF) a reçu des notifications de Nasdaq concernant les exigences du prix minimum d’offre et le retard dans le dépôt de son Rapport Annuel. La société a 180 jours pour répondre à l’exigence du prix minimum d’offre ou elle risque d’être retirée de la cotation. Elle dispose également de 60 jours pour soumettre un plan afin de retrouver la conformité avec le retard de dépôt du Rapport Annuel.
Die Real Good Food Company, Inc. (NASDAQ: RGF) hat von der Nasdaq Mitteilungen bezüglich der Mindestgebot-Preis-Anforderungen und der verspäteten Abgabe ihres Jahresberichts erhalten. Das Unternehmen hat 180 Tage Zeit, die Anforderungen des Mindestgebotspreises zu erfüllen oder es droht die Streichung aus der Börse. Außerdem hat es 60 Tage Zeit, einen Plan vorzulegen, um die Einhaltung der Fristen für die Abgabe des Jahresberichts wieder zu erlangen.
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CHERRY HILL, N.J., April 23, 2024 (GLOBE NEWSWIRE) -- The Real Good Food Company, Inc. (NASDAQ: RGF) (“Real Good Foods” or the “Company”), a leading health and wellness frozen and refrigerated foods company, announced that on April 19, 2024, it received two notifications (the “Notifications”) from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company no longer satisfies Nasdaq Listing Rule 5450(a)(1) because the closing bid price of the Company’s common stock was below $1.00 per Share for 30 consecutive business days preceding the date of the Notification, and that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”) with the Securities and Exchange Commission.

Per Listing Rule 5450(a)(1), the Company is provided with a grace period of 180 days, or until October 16, 2024, to meet the minimum bid price requirement under the Nasdaq Listing Rules. If at any time during the 180-day grace period, the closing bid price of the Shares is $1.00 per Share or higher for at least ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance within the 180-day grace period, pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company may be eligible for an additional 180 calendar day compliance period, provided (i) it meets the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Global Market (except for the Bid Price Requirement) and (ii) it provides written notice to Nasdaq of its intention to cure this deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company has not regained compliance by the end of the second period granted by Nasdaq, the securities will be subject to delisting, pending an appeal to the Nasdaq Hearing Panel. The Company intends to monitor the closing bid price of its Shares during the grace period and will consider its options in order to regain compliance with Nasdaq’s minimum bid price requirement.

Regarding the notice of non-compliance with Nasdaq Listing Rule 5250(c)(1), under Nasdaq rules, the Company now has 60 calendar days (until June 18, 2024) to submit a plan to regain compliance. If Nasdaq accepts the Company’s plan, Nasdaq can grant an exception of up to 180 calendar days from the Annual Report’s due date, as extended, which 180-day period would end on October 14, 2024, to regain compliance.

These notifications have no immediate effect on the listing of the Company’s securities on Nasdaq. There can be no assurance, however, that the Company will be able to regain compliance with the listing standards discussed above.

About Real Good Food Company

Real Good Foods (NASDAQ: RGF) is a leading health and wellness frozen and refrigerated foods company, providing a better way to enjoy your favorite foods. The Company’s mission is to provide “Real Food You Feel Good About Eating,” making delicious, nutritious foods that are low in sugar, low in carbohydrates and high in protein. The Real Good Foods family of products includes breakfast, lunch, dinner, and snacks – available in over 16,000 stores nationwide with additional direct-to-consumer options.

To learn more, please visit our website at realgoodfoods.com or join us on social media @realgoodfoods – where we maintain some of the largest followings in the frozen food industry today.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding its projected financial results, including net sales, adjusted gross margin, and adjusted EBITDA and its ability to increase production at its new facility, improve profitability and meet its long-term growth objectives. The Company has attempted to identify forward-looking statements by using words such as "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or "would," and similar expressions or the negative of these expressions. 

Forward-looking statements represent management's current expectations and predictions about trends affecting the Company’s business and industry and are based on information available as of the time such statements are made. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, it cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause its actual results to materially differ from those expressed or implied by these forward-looking statements are described in documents filed with or furnished to the Securities and Exchange Commission by the Company from time to time.

Investor Relations Contact
Akshay Jagdale
akshay@realgoodfoods.com


FAQ

What notifications did The Real Good Food Company receive from Nasdaq?

The Real Good Food Company received notifications regarding the minimum bid price requirement and the delayed filing of its Annual Report.

What is the grace period provided to The Real Good Food Company to meet the minimum bid price requirement?

The company has 180 days, until October 16, 2024, to meet the minimum bid price requirement.

What happens if The Real Good Food Company regains compliance with the minimum bid price requirement?

If the company's stock price is $1.00 per share or higher for at least ten consecutive business days, Nasdaq will confirm compliance.

What is the deadline for The Real Good Food Company to submit a plan to regain compliance with the delayed Annual Report filing?

The company has 60 days, until June 18, 2024, to submit a plan to regain compliance with the delayed Annual Report filing.

What are the potential consequences if The Real Good Food Company does not regain compliance?

If the company does not regain compliance within the specified periods, its securities may be subject to delisting.

The Real Good Food Company, Inc.

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CHERRY HILL