Real Good Food Company Faces Nasdaq Delisting Notification
Real Good Food Company Faces Nasdaq Delisting Notice
Real Good Food Company, known for its health-conscious frozen and refrigerated foods, is currently navigating challenges regarding its Nasdaq listing status. Recently, the Company was notified by Nasdaq, indicating that it could face delisting due to issues with timely filings of necessary financial reports. Despite these challenges, the Company maintains a focus on its core mission of offering nutritious and delicious food options.
Understanding the Delisting Notification
On September 12, 2024, Real Good Foods received a formal notification from The Nasdaq Stock Market LLC. The notification indicated that the Company was not compliant with the Nasdaq Listing Rule 5250(c)(1), which mandates that companies file their periodic financial reports on time. As part of their commitment to transparency and accountability, the Company is now working diligently to address these issues.
Implications of Non-Compliance
The Nasdaq Staff determined that Real Good Foods would not be able to rectify its late filings by the deadline of October 14, 2024. As a result, they opted to initiate the delisting process. In response to this, the Company plans to formally request a hearing before an independent Hearings Panel, which may provide an opportunity to maintain its listing status.
The Company’s Response and Next Steps
In preparation for the upcoming hearing, Real Good Foods intends to appeal its delisting determination and is seeking the Panel’s approval for a temporary stay of any suspensions or delisting actions. This stay will remain in effect until October 4, 2024, giving the Company some leeway to demonstrate compliance efforts.
Timeline for Possible Extensions
If the Panel grants additional consideration, the maximum time allowed for compliance could extend until April 11, 2025. Real Good Foods remains optimistic but understands that there are no guarantees when it comes to regaining compliance with Nasdaq's requirements.
About Real Good Food Company
Real Good Foods is recognized as a leading firm in the health and wellness sector, particularly within the frozen food market. Their product range emphasizes nutritious options that are low in sugar and carbohydrates while being high in protein. The Company's offerings cater to various meals throughout the day, available in more than 16,000 retail locations across the nation.
Commitment to Quality and Nutrition
The Company's mission is clear: they strive to provide "Real Food You Feel Good About Eating." This commitment resonates with consumers looking for tasty yet healthy alternatives in their diets. Real Good Foods achieves this by continuously innovating and improving its product lineup, ensuring they meet the evolving dietary preferences of their customers.
Engagement with Customers and Investors
Real Good Foods not only focuses on retail sales but also embraces direct-to-consumer approaches, enhancing accessibility to their popular foods. Engaging with consumers through social media platforms has been instrumental in building a strong community, establishing the brand as a leader within the frozen food industry.
Investor Relations and Transparency
As the Company moves forward, they emphasize transparency with their investors. Real Good Foods proactively communicates its current situation, allowing stakeholders to stay informed about potential risks and developments surrounding their Nasdaq compliance.
Frequently Asked Questions
Why did Real Good Food receive a delisting notice from Nasdaq?
Real Good Food received a delisting notice due to non-compliance with the Nasdaq Listing Rule, specifically failing to timely file required financial reports.
What is the next step for Real Good Food regarding the delisting?
The Company plans to request a hearing before an independent Panel and seek an extension for compliance until the hearing process concludes.
How does Real Good Food ensure the quality of its products?
Real Good Food commits to quality by providing nutritious options that are low in sugar and carbohydrates and high in protein, aligning with health-conscious consumer demands.
What types of products does Real Good Food offer?
The Company offers a variety of frozen foods for breakfast, lunch, dinner, and snacks, widely available in retail stores and via direct-to-consumer sales.
How can customers reach Real Good Food for inquiries?
Customers can contact Real Good Food directly through their investor relations email or by visiting their website for more information.
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