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The Very Good Food Company (NASDAQ: VGFC) announced a default on its cash coverage ratio financial covenant of 2.50:1.00 under its loan agreement with Waygar Capital. This event of default is serious as it may lead to legal repercussions. Despite receiving a reservation of rights letter from Waygar, the Company is exploring strategic alternatives to address the situation. However, there are no guarantees that they will successfully negotiate a resolution, raising concerns about the Company’s financial stability and stock performance.
The Very Good Food Company (NASDAQ: VGFC) received a Staff Delisting Determination from Nasdaq on November 15, 2022, due to its shares closing below $1.00 for over 30 consecutive trading days.
The company was given a compliance period until January 9, 2023, but it closed at $0.10 or less during this time. VERY GOOD has appealed this determination, which allows for a hearing before a Nasdaq Hearings Panel, temporarily staying the delisting process. There is no guarantee that the appeal will be successful or that the company will regain compliance with Nasdaq requirements.
The Very Good Food Company (NASDAQ: VGFC) reported a 31% decrease in Q3 2022 revenue to $1,757,240, primarily due to an 82% drop in eCommerce sales. However, wholesale revenue grew by 54% to $1,310,198, driven by increased store presence and improved sales velocity. The company plans to exit its eCommerce business by the end of December 2022. Net loss reduced significantly by 89% to $(1,531,977) compared to Q3 2021. Cash and cash equivalents fell sharply to $707,986, raising concerns about liquidity and future operations amidst challenging market conditions.
The Very Good Food Company Inc. (NASDAQ: VGFC) announced the resignation of Saul Cooperstein from its board of directors. This change could indicate potential shifts in governance and strategic direction as the company focuses on expanding its plant-based food offerings under brands like The Very Good Butchers and The Very Good Cheese Co. The Company continues to emphasize its mission of promoting nutritious plant-based diets. Forward-looking statements caution investors about various risks affecting business operations and financial sustainability.
On September 22, 2022, The Very Good Food Company (NASDAQ: VGFC) announced that seven of its best-selling products are now available in a Variety Pack through a major, membership-only wholesale chain in Canada. This listing enhances the accessibility of their plant-based food products, including Taco Stuff'ers and mmm Meatballs, reinforcing the company's focus on expanding its wholesale and foodservice channels. CEO Parimal Rana emphasizes that this move aligns with their strategic priority of increasing visibility and introducing their clean, plant-based products to a broader audience.
The Very Good Food Company (NASDAQ: VGFC) announced significant foodservice distribution gains in Canada with major North American foodservice providers. This strategic move aims to enhance the availability of its plant-based products across restaurants, healthcare, hospitality, and educational sectors. CEO Parimal Rana emphasized that this onboarding is a crucial step in establishing their presence in the foodservice channel, promoting consumer familiarity with their offerings. This initiative aligns with the company’s mission to expand plant-based diet adoption.
The Very Good Food Company (NASDAQ: VGFC) will present at H.C. Wainwright's 24th Annual Global Investment Conference in New York City from September 12-14, 2022. CEO Parimal Rana will represent the company on September 12 at 7:00 AM ET. Additionally, the company will also present at the Emerging Growth Conference on September 14 at 1:30 PM ET. Both presentations will be available via webcast. Interested institutional investors can register for the events through provided links.
The Very Good Food Company (NASDAQ: VGFC) has initiated a strategic review process to explore alternatives aimed at maximizing shareholder value, potentially involving acquisitions or mergers. This follows their prior strategy announced in May 2022 focused on stabilizing, right-sizing, and optimizing operations. While the review is ongoing, there's no guarantee of outcomes or timelines. Canaccord Genuity Corp. has been retained as the financial advisor for this process.
The Very Good Food Company (NASDAQ: VGFC) has postponed its annual general meeting (AGM), originally scheduled for October 11, 2022. This decision follows the resignation of KPMG as the company’s auditor, effective August 16, 2022. The Board is in discussions with potential successor audit firms and expects to appoint one soon. KPMG confirmed there were no reportable events during their tenure. Further updates on the new auditor and AGM date will be released.
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