VANCOUVER, BC, Nov. 18, 2022 /PRNewswire/ – The Very Good Food Company Inc. (NASDAQ:VGFC) (TSXV:VERY) (FSE: OSI) (“VERY GOOD“or the”Company“) today announced that on November 15, 2022VERY GOOD received a Staff Delisting Determination (the “Staff Determination“) from the Listing Qualifications Department of the Nasdaq Stock Market, LLC (“Nasdaq“), which notified the Company that the Nasdaq Listing Qualifications Department has determined to delist the Company’s securities from the Nasdaq Capital Market.
Previously, on January 11, 2022the Nasdaq Listing Qualifications Department notified the Company that the bid price of its listed securities had closed at less than US$1.00 per share over the previous 30 consecutive business days, and, as a result, did not comply with Nasdaq Listing Rule 5450(a)(1). Therefore, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), The Company was provided 180 calendar days, or until July 11, 2022, to regain compliance. Subsequently, on July 12, 2022, the Company was provided an additional 180 calendar day compliance period, or until January 9, 2023 (the “Compliance Period“), to demonstrate compliance.
The Staff Determination was issued because the Company’s shares had a closing bid price of US$0.10 or less for ten consecutive trading days during the Compliance Period, which is contrary to Nasdaq Listing Rule 5810(3)(A)(iii) and requires the Listing Qualifications Department to issue a delisting determination.
The Company has appealed the Staff Determination. Since…