BuzzFeed Faces Nasdaq Delisting Warning

TL;DR

BuzzFeed's stock is tanking, might get kicked off Nasdaq if it doesn't hit $1 by December.

AI Summary

BuzzFeed, Inc. announced on June 11, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet the minimum bid price requirement for continued listing. The company has 180 days, until December 9, 2024, to regain compliance by achieving a closing bid price of $1.00 or more for at least 10 consecutive business days.

Why It Matters

This delisting warning suggests potential financial distress for BuzzFeed, which could impact its ability to raise capital and its overall market valuation.

Risk Assessment

Risk Level: high — The company is at high risk of delisting from a major stock exchange due to failing to meet minimum bid price requirements.

Key Numbers

• 180 days — Compliance Period (Timeframe to regain compliance with Nasdaq listing rules.)
• $1.00 — Minimum Bid Price (The required closing bid price for at least 10 consecutive business days to avoid delisting.)

Key Players & Entities

• BuzzFeed, Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Exchange issuing notice
• June 11, 2024 (date) — Date of notice
• December 9, 2024 (date) — Compliance deadline
• $1.00 (dollar_amount) — Minimum bid price requirement

FAQ

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

Filing Documents

• bzfd-20240611.htm (8-K) — 40KB
• 0001828972-24-000161.txt ( ) — 208KB
• bzfd-20240611.xsd (EX-101.SCH) — 3KB
• bzfd-20240611_def.xml (EX-101.DEF) — 16KB
• bzfd-20240611_lab.xml (EX-101.LAB) — 29KB
• bzfd-20240611_pre.xml (EX-101.PRE) — 17KB
• bzfd-20240611_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 disclosed in the Current Report on Form 8-K filed by BuzzFeed, Inc. (the " Company ") on March 8, 2024, Patrick Kerins, then a member of the Company's board of directors and the audit committee of the board, notified the Company on March 6, 2024 that he did not intend to stand for re-election as a director of the Company at its 2024 annual meeting of stockholders (the " 2024 Annual Meeting "). The Company then promptly notified the Listing Qualifications Department of The Nasdaq Stock Market LLC (the " Nasdaq Staff ") that, as a consequence of Mr. Kerins' decision not to seek re-election, following the 2024 Annual Meeting, the audit committee of the Company's board of directors would consist of two members and, as such, that the Company would no longer be in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires that the audit committees of listed companies have a minimum of three members that satisfy certain criteria for service on the committee (the " Nasdaq Audit Committee Requirement "). As disclosed in the Current Report on Form 8-K filed by the Company on April 26, 2024, on April 25, 2024, the Company held the 2024 Annual Meeting and, on April 26, 2024, as expected, the Company received a letter from the Nasdaq Staff notifying the Company that the Company was no longer in compliance with the Nasdaq Audit Committee Requirement and that the Company had until the earlier of its 2025 annual meeting of stockholders and April 25, 2025 (i.e., one year from the date on which the Company ceased to be compliant) to regain compliance. On June 11, 2024, Gregory Coleman, a current member of the Company's board of directors, was appointed to the audit committee of the board. Following the Company's notice to the Nasdaq Staff of Mr. Coleman's appointment to the audit committee of the Company's board of directors, the Nasdaq Staff has determined that

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: 6/13/2024 BuzzFeed, Inc. By: /s/ David Arroyo Name: David Arroyo Title: Chief Legal Officer

View Full Filing

View this 8-K filing on SEC EDGAR