Real Good Food Company to be delisted from Nasdaq for failing to file financial reports, moving to OTC Markets.
Quiver AI Summary
The Real Good Food Company, Inc. announced that it will be delisted from Nasdaq due to non-compliance with financial reporting requirements, specifically Nasdaq Listing 5250(c)(1). Trading of the company's common stock will be suspended starting January 7, 2025, at which point it is expected to begin trading on the Pink Open Market, also known as the "pink sheets." However, due to ongoing issues with timely filings, the stock may eventually move to OTC's "Expert Market," limiting its public visibility. The Real Good Food Company specializes in health-oriented frozen and refrigerated foods, promoting a mission of providing nutritious options. They remind investors that their forward-looking statements are subject to risks and uncertainties, with no obligation to update these statements after the release date.
Potential Positives
- The company has a strong brand presence in the health and wellness frozen and refrigerated foods market, with its products available in over 16,000 stores nationwide.
- Real Good Foods maintains a significant following on social media, indicating strong consumer interest and engagement within the frozen food industry.
- The transition to trading on the Pink Open Market provides an opportunity for continued access to capital markets, albeit at a different platform.
- The company reaffirms its mission to provide nutritious food options, which aligns with growing consumer demand for health-focused products.
Potential Negatives
- The company is facing delisting from Nasdaq due to non-compliance with financial reporting requirements, which negatively impacts its credibility and visibility in the financial markets.
- Trading of the company's common stock will move to the less regulated OTC markets, reducing investor confidence and potentially limiting access to capital.
- The possibility of the stock moving to the OTC's "Expert Market" may result in its quotes being unavailable for public viewing, further isolating the company's shares from mainstream investors and diminishing liquidity.
FAQ
Why was Real Good Food Company delisted from Nasdaq?
The company's common stock was delisted due to failure to file periodic financial reports as required by Nasdaq Listing 5250(c)(1).
When will trading of Real Good Foods commence on the OTC market?
Trading of the company's common stock on the OTC market is expected to begin on January 7, 2025.
What is the Pink Open Market?
The Pink Open Market, run by OTC Markets Group, allows trading of securities not listed on major exchanges like Nasdaq.
What might happen to Real Good Foods' stock trading status?
The stock could move to OTC's "Expert Market," limiting public view of its quotes due to the filing issues.
What is the mission of Real Good Food Company?
The company's mission is to provide nutritious foods that consumers feel good about eating, focusing on low sugar and high protein options.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$RGF Hedge Fund Activity
We have seen 10 institutional investors add shares of $RGF stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLEICHROEDER LP removed 200,000 shares (-100.0%) from their portfolio in Q3 2024
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 50,000 shares (-100.0%) from their portfolio in Q3 2024
- TAYLOR FRIGON CAPITAL MANAGEMENT LLC removed 46,694 shares (-5.9%) from their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 41,022 shares (+172.4%) to their portfolio in Q3 2024
- PINNACLE ASSOCIATES LTD added 25,800 shares (+inf%) to their portfolio in Q3 2024
- SQUAREPOINT OPS LLC added 25,031 shares (+inf%) to their portfolio in Q3 2024
- XTX TOPCO LTD removed 16,515 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CHERRY HILL, N.J., Jan. 06, 2025 (GLOBE NEWSWIRE) --
The Real Good Food Company, Inc.
(Nasdaq: RGF) (“Real Good Foods” or the “Company ”), a leading health and wellness frozen and refrigerated foods company, today announced that the Company received a notice from The Nasdaq Stock Market LLC ("Nasdaq") that it has determined to delist the Company's common stock on Nasdaq. The delisting is a result of the Company's failure to demonstrate compliance with Nasdaq Listing 5250(c)(1) for failure to file periodic financial reports. Trading in the Company's common stock on Nasdaq will be suspended on January 7, 2025. As a result of the foregoing, the Company's common stock is expected to commence trading on the Pink Open Market operated by the OTC Markets Group, Inc. (“OTC”), which is commonly referred to as the “pink sheets,” commencing on January 7, 2025. However, given the Company’s situation with regards to the lack of timely filing, trading may ultimately move to OTC’s “Expert Market,” where quotes for the Company’s common stock will no longer be available for public viewing.
About Real Good Food Company
Real Good Foods (Nasdaq: RGF) is a leading health and wellness frozen and refrigerated foods company, providing a better way to enjoy your favorite foods. The Company’s mission is to provide “Real Food You Feel Good About Eating”, making delicious, nutritious foods that are low in sugar, low in carbohydrates and high in protein. The Real Good Foods family of products includes breakfast, lunch, dinner, and snacks – available in over 16,000 stores nationwide with additional direct-to-consumer options.
To learn more, please visit our website at
realgoodfoods.com
or join us on social media @realgoodfoods – where we maintain some of the largest followings in the frozen food industry today.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding the commencement of trading by the Company’s common stock on the Pink Open Market operated by the OTC and the quoting of such common stock on the OTC’s “Expert Market.” The Company has attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or “would,” and similar expressions or the negative of these expressions.
Forward-looking statements represent management’s current expectations and predictions and are based on information available as of the time such statements are made. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, it cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause its actual results or events, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause its actual results to materially differ from those expressed or implied by these forward-looking statements, including the risk of further delays in the filing of the Company’s late periodic reports and restated financial statements in amendments to prior periodic reports, the discovery of additional information regarding the errors identified in the Company’s previously issued consolidated financial statements, the scope of the anticipated restatement of previously issued financial statements as a result of the errors, the remediation by management and the Company’s independent registered public accounting firm of the identified material weaknesses in internal control over financial reporting, and other risk factors described in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2022 and other documents filed with or furnished to the SEC by the Company from time to time. These forward-looking statements speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.
Investor Relations Contact
The Real Good Food Company
3 Executive Campus, Suite 155
Cherry Hill, NJ 08002
ir@realgoodfoods.com
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.