By Pet Age Staff//November 27, 2023//
By: Pet Age Staff//November 27, 2023//
Press release: BARK
BARK, Inc., a leading global omnichannel dog brand with the mission to make all dogs happy, recently announced that the New York Stock Exchange (NYSE) issued a notice informing the company that it is no longer in compliance with its continued listing standards set forth in Section 802.01C (Minimum Stock Price Standard) because the average closing price of the company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period ended November 21, 2023.
Under Section 802.01C, the Company has six months following receipt of the Notice to regain compliance with the listing standard. Compliance can be achieved if on the last trading day of any calendar month during the cure period (or the last trading day of the cure period) the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the prior 30 trading-day period ending on the last trading day of the applicable calendar month or the cure period. The company intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE’s continued listing standards, including, but not limited to, a reverse stock split, subject to stockholder approval. Section 802.01C provides for an exception to the six-month cure period if the action required to cure the price condition requires stockholder approval, in which case, the action needs to be approved by no later than the company’s next annual stockholder’s meeting.
The Notice has no immediate impact on the listing of the company’s common stock, which will continue to be listed and traded on the NYSE during such cure period, subject to the company’s compliance with other NYSE continued listing standards. Furthermore, the Notice is not anticipated to impact the ongoing business operations of the company or its reporting requirements with the U.S. Securities and Exchange Commission.
Founded in 2011, BARK loyally serves dogs nationwide with themed toys and treats subscriptions, BarkBox and BARK Super Chewer; custom product collections through its retail partner network, including Target and Amazon; its high-quality, nutritious meals made for your breed with BARK Food; and products that meet dogs’ dental needs with BARK Bright.
This press release contains “forward-looking statements” for purposes of the federal securities laws. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements under the U.S. securities laws. All statements, other than statements of present or historical facts, contained in this press release, regarding the listing of our common stock on the NYSE and expectations, plans and objectives of management are forward-looking statements.