BuzzFeed Faces Delisting Notice
Ticker: BZFDW · Form: 8-K · Filed: May 20, 2024 · CIK: 1828972
| Field | Detail |
|---|---|
| Company | Buzzfeed, Inc. (BZFDW) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $46.00, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rule, corporate-action
TL;DR
BuzzFeed's stock might be delisted, big trouble ahead.
AI Summary
BuzzFeed, Inc. filed an 8-K on May 17, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The company, formerly known as 890 5th Avenue Partners, Inc., is based in New York and operates in the communication services sector.
Why It Matters
This filing indicates potential issues with BuzzFeed's continued listing on an exchange, which could impact its stock value and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to its operations and shareholder value.
Key Players & Entities
- BuzzFeed, Inc. (company) — Registrant
- May 17, 2024 (date) — Date of earliest event reported
- 890 5th Avenue Partners, Inc. (company) — Former company name
- New York (location) — Principal executive office location
FAQ
What specific listing rule or standard has BuzzFeed, Inc. failed to satisfy?
The filing does not specify the exact listing rule or standard that BuzzFeed, Inc. has failed to satisfy, only that a notice has been issued.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is May 17, 2024.
What was BuzzFeed, Inc.'s former company name?
BuzzFeed, Inc.'s former company name was 890 5th Avenue Partners, Inc.
In which state was BuzzFeed, Inc. incorporated or organized?
BuzzFeed, Inc. was incorporated or organized in Delaware.
What is the principal executive office address of BuzzFeed, Inc.?
The principal executive office address of BuzzFeed, Inc. is 229 West 43rd Street, New York, New York 10036.
Filing Stats: 763 words · 3 min read · ~3 pages · Grade level 12.2 · Accepted 2024-05-20 16:09:19
Key Financial Figures
- $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share BZFD The Nasdaq Sto
- $46.00 — k at an exercise price of approximately $46.00 per share BZFDW The Nasdaq Stock Market
- $1.00 — mmon stock had closed below the minimum $1.00 per share requirement for continued lis
Filing Documents
- bzfd-20240517.htm (8-K) — 40KB
- 0001828972-24-000132.txt ( ) — 208KB
- bzfd-20240517.xsd (EX-101.SCH) — 3KB
- bzfd-20240517_def.xml (EX-101.DEF) — 16KB
- bzfd-20240517_lab.xml (EX-101.LAB) — 29KB
- bzfd-20240517_pre.xml (EX-101.PRE) — 17KB
- bzfd-20240517_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed on a Current Report on Form 8-K filed by BuzzFeed, Inc. (the " Company ") on on June 2, 2023, on May 31, 2023, the Company received a letter from the Listing Qualifications Department (the " Staff ") of the Nasdaq Stock Market LLC (" Nasdaq ") notifying the Company that, for the previous 30 consecutive business days, the bid price for the Company's Class A common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5550(a)(2) (the " Bid Price Requirement "). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until November 27, 2023, to regain compliance with the Bid Price Requirement. The Company did not regain compliance with the Bid Price Requirement on or before November 27, 2023. However, as previously disclosed on a Current Report on Form 8-K filed by the Company on on November 29, 2023, upon receipt of both the Company's application to transfer from The Nasdaq Global Market to The Nasdaq Capital Market and a written notification by the Company of its intent to regain compliance with the Bid Price Requirement, including by effecting a reverse stock split, if necessary, the Staff notified the Company in a letter dated November 28, 2023, that the Company was eligible for an additional 180-day period, or until May 28, 2024, to regain compliance. As previously disclosed on a Current Report on Form 8-K filed by the Company on May 2, 2024, the Company effected a reverse stock split of the Company's common stock at a ratio of one-for-four (1-for-4), effective as of 12:01 a.m., Eastern Time, on May 6, 2024. As of May 17, 2024, the closing bid price of the Company's Class A common stock has been over $1.00 per share for a minimum of 10 consecutive business days. On May 20, 2024,
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: 5/20/2024 BuzzFeed, Inc. By: /s/ David Arroyo Name: David Arroyo Title: Chief Legal Officer