Fresh Vine Wine Receives Notice of Noncompliance with NYSE American Listing Standards
Fresh Vine Wine (NYSE American:VINE) has received a notice of noncompliance from NYSE American on January 6, 2025. The notification states that the company failed to comply with Section 704 of the NYSE American Company Guide by not holding its annual meeting for fiscal year 2023 by December 31, 2024.
To address this issue, Fresh Vine plans to hold a stockholders' meeting in the coming months regarding its proposed business combination with Adifex Holdings . The company expects this meeting will resolve the compliance issue with Section 704.
Fresh Vine Wine (NYSE American:VINE) ha ricevuto una notifica di non conformità dalla NYSE American il 6 gennaio 2025. La comunicazione indica che l'azienda non ha rispettato la Sezione 704 della Guida alle Aziende della NYSE American per non aver tenuto la sua assemblea annuale per l'anno fiscale 2023 entro il 31 dicembre 2024.
Per affrontare questa questione, Fresh Vine prevede di tenere un incontro degli azionisti nei prossimi mesi riguardo alla sua proposta di fusione con Adifex Holdings. L'azienda si aspetta che questo incontro risolva il problema di conformità con la Sezione 704.
Fresh Vine Wine (NYSE American:VINE) ha recibido un aviso de incumplimiento de la NYSE American el 6 de enero de 2025. La notificación indica que la empresa no cumplió con la Sección 704 de la Guía de Empresas de NYSE American al no celebrar su reunión anual para el año fiscal 2023 antes del 31 de diciembre de 2024.
Para abordar este problema, Fresh Vine planea celebrar una reunión de accionistas en los próximos meses sobre su propuesta de fusión con Adifex Holdings. La empresa espera que esta reunión resuelva el problema de cumplimiento con la Sección 704.
Fresh Vine Wine (NYSE American:VINE)는 2025년 1월 6일 NYSE American로부터 비준수 통지를 받았습니다. 통지에는 회사가 2024년 12월 31일까지 2023 회계 연도 연례 회의를 개최하지 않음으로써 NYSE American 회사 가이드의 섹션 704를 준수하지 않았다고 명시되어 있습니다.
이 문제를 해결하기 위해 Fresh Vine은 Adifex Holdings와의 제안된 비즈니스 조합에 관한 주주 총회를 향후 몇 달 내에 개최할 계획입니다. 회사는 이 회의가 섹션 704의 준수 문제를 해결할 것으로 기대하고 있습니다.
Fresh Vine Wine (NYSE American:VINE) a reçu un avis de non-conformité de la NYSE American le 6 janvier 2025. La notification indique que l'entreprise n'a pas respecté la section 704 du Guide des entreprises de la NYSE American en ne tenant pas sa réunion annuelle pour l'exercice fiscal 2023 avant le 31 décembre 2024.
Pour résoudre ce problème, Fresh Vine prévoit de tenir une réunion des actionnaires dans les mois à venir concernant sa proposition de fusion avec Adifex Holdings. L'entreprise s'attend à ce que cette réunion résolve le problème de conformité avec la section 704.
Fresh Vine Wine (NYSE American:VINE) hat am 6. Januar 2025 eine Mitteilung über die Nichterfüllung von der NYSE American erhalten. Die Mitteilung besagt, dass das Unternehmen die Anforderungen der Abschnitt 704 des NYSE American Unternehmensleitfaden nicht erfüllt hat, da es seine Hauptversammlung für das Geschäftsjahr 2023 nicht bis zum 31. Dezember 2024 abgehalten hat.
Um dieses Problem zu beheben, plant Fresh Vine in den kommenden Monaten eine Aktionärsversammlung bezüglich der vorgeschlagenen Unternehmensfusion mit Adifex Holdings. Das Unternehmen erwartet, dass diese Versammlung das Problem der Nichterfüllung der Abschnitt 704 lösen wird.
- Planned stockholders' meeting to address compliance issues
- Upcoming business combination with Adifex Holdings
- NYSE American listing standards violation for failing to hold annual meeting
- Risk of potential delisting if compliance is not restored
Insights
The NYSE American noncompliance notice represents a serious regulatory challenge for Fresh Vine Wine. NYSE listing requirements serve as important governance standards and failure to hold an annual meeting violates fundamental shareholder rights and transparency obligations. The company's market cap of
The proposed resolution through the upcoming Adifex Holdings business combination meeting is a precarious strategy. While this may technically satisfy the annual meeting requirement, it demonstrates poor corporate governance practices by combining two significant corporate events - the annual meeting obligations and a material business combination vote. This approach could face scrutiny from both regulators and shareholders.
Historical patterns show that companies receiving such notices face a
This noncompliance notice raises red flags about Fresh Vine Wine's operational stability and management effectiveness. For a micro-cap company with just
The pending Adifex Holdings business combination appears to be taking precedence over standard corporate governance procedures. This could suggest a desperate attempt at corporate survival through M&A rather than organic growth. Small-cap companies that receive listing violations typically experience increased stock volatility and an average decline of
The combination of noncompliance and a pending business merger creates significant uncertainty. Historically, companies in similar situations have seen their stock price decline by
CHARLOTTE, NC / ACCESSWIRE / January 10, 2025 / Fresh Vine Wine, Inc. ("Fresh Vine ") (NYSE American:VINE) today announced that on January 6, 2025, Fresh Vine received a letter from NYSE American LLC notifying Fresh Vine that it is not in compliance with Section 704 of the NYSE American Company Guide because Fresh Vine failed to hold an annual meeting for the fiscal year ended December 31, 2023 by December 31, 2024.
Fresh Vine intends to hold a meeting of stockholders in the next several months with respect to the proposed business combination with Adifex Holdings LLC, which meeting Fresh Vine expects will bring it into compliance with Section 704.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified using words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Among these risks and uncertainties are those set forth in Fresh Vine's annual report on Form 10-K for the year ended December 31, 2023, and subsequently filed documents with the SEC. In addition to such risks and uncertainties, risks and uncertainties related to forward-looking statements contained in this press release include statements relating to Fresh Vine's business and the pursuit of Fresh Vine's strategic options, including the proposed business combination with Amaze Software. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including without limitation: (i) the risk that the Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of Fresh Vine's securities; (ii) the failure to satisfy the conditions to the consummation of the Business Combination, including the adoption of the Business Combination Agreement by the stockholders of Fresh Vine; (iii) the receipt of certain governmental and regulatory approvals; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination or abandonment of the Business Combination Agreement; (v) the potential effect of the announcement or pendency of the Business Combination on Amaze's or Fresh Vine's business relationships, performance and business generally, including potential difficulties in employee retention; (vi) risks that the Business Combination disrupts current plans and operations of Fresh Vine or Amaze; (vii) the outcome of any legal proceedings that may be instituted against Fresh Vine related to the Business Combination Agreement or the Business Combination; (viii) the risk that Fresh Vine will be unable to maintain the listing of Fresh Vine's securities on NYSE American; (ix) the risk that the price of Fresh Vine's securities, or the price of Pubco Common Stock following the closing, may be volatile due to a variety of factors, including changes in the competitive industries in which Fresh Vine or Amaze operates, variations in performance across competitors, changes in laws and regulations affecting Fresh Vine's or Amaze's business and changes in the capital structure; (x) the inability to implement business plans, forecasts, and other expectations after the completion of the Business Combination and identify and realize additional opportunities; (xi) the risk of changes in applicable law, rules, regulations, regulatory guidance, or social conditions in the countries in which Amaze's customers and suppliers operate in that could adversely impact Amaze's operations; (xii) the risk that Fresh Vine and/or Amaze may not achieve or sustain profitability; (xiii) the risk that Fresh Vine and/or Amaze will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (xiv) the risk that Fresh Vine and/or Amaze experiences difficulties in managing its growth and expanding operations. A further description of the risks and uncertainties relating to the business of Fresh Vine is contained in Fresh Vine's most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, as well as any amendments thereto reflected in subsequent filings with the SEC. Fresh Vine cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Fresh Vine's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and Fresh Vine undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events or changes in its expectations.
SOURCE: Fresh Vine Wine
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FAQ
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