ThredUp Inc. Faces Delisting Concerns
Ticker: TDUP · Form: 8-K · Filed: Sep 27, 2024 · CIK: 1484778
| Field | Detail |
|---|---|
| Company | Thredup Inc. (TDUP) |
| Form Type | 8-K |
| Filed Date | Sep 27, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, compliance
Related Tickers: TUP
TL;DR
ThredUp might get delisted - big trouble for shareholders.
AI Summary
ThredUp Inc. filed an 8-K on September 27, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates that the company is facing issues related to its continued listing on the stock exchange, though specific details about the rule or standard violated are not provided in this excerpt.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the company's stock being removed from trading, impacting investors.
Risk Assessment
Risk Level: high — Delisting is a severe event that can significantly impact a company's stock value and liquidity.
Key Players & Entities
- ThredUp Inc. (company) — Registrant
- September 24, 2024 (date) — Earliest event reported
- September 27, 2024 (date) — Filing date
- Delaware (jurisdiction) — State of incorporation
- 001-40249 (identifier) — Commission File Number
- 26-4009181 (identifier) — I.R.S. Employer Identification No.
- 969 Broadway, Suite 200 Oakland, California 94607 (address) — Principal executive offices
- ( 415 ) 402-5202 (phone_number) — Registrant's telephone number
FAQ
What specific listing rule or standard has ThredUp Inc. failed to satisfy?
The provided excerpt of the 8-K filing does not specify the exact listing rule or standard that ThredUp Inc. has failed to satisfy.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is September 24, 2024.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on September 27, 2024.
In which state was ThredUp Inc. incorporated?
ThredUp Inc. was incorporated in Delaware.
What is the principal executive office address for ThredUp Inc.?
The principal executive office address is 969 Broadway, Suite 200, Oakland, California 94607.
Filing Stats: 1,168 words · 5 min read · ~4 pages · Grade level 13.2 · Accepted 2024-09-27 16:03:55
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share TDUP The Nasdaq Stock Market
- $1.00 — mmon Stock") has been below the minimum $1.00 per share required for continued listin
Filing Documents
- tdup-20240924.htm (8-K) — 32KB
- 0001628280-24-041470.txt ( ) — 175KB
- tdup-20240924.xsd (EX-101.SCH) — 2KB
- tdup-20240924_def.xml (EX-101.DEF) — 3KB
- tdup-20240924_lab.xml (EX-101.LAB) — 26KB
- tdup-20240924_pre.xml (EX-101.PRE) — 15KB
- tdup-20240924_htm.xml (XML) — 3KB
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. Nasdaq Deficiency Letter On September 24, 2024, ThredUp Inc. (the "Company") received a deficiency letter from the Nasdaq Listing Qualifications Department (the "Nasdaq Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company's Class A common stock (the "Common Stock") has been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the "Nasdaq Minimum Bid Price Requirement"). The Nasdaq deficiency letter has no immediate effect on the listing of the Common Stock, and the Common Stock will continue to trade on The Nasdaq Global Select Market under the symbol "TDUP" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, or until March 24, 2025, to regain compliance with the Nasdaq Minimum Bid Price Requirement. If at any time before March 24, 2025, the bid price of the Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Nasdaq Staff will provide written confirmation that the Company has achieved compliance. If the Company does not regain compliance with the Nasdaq Minimum Bid Price Requirement by March 24, 2025, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to transfer to The Nasdaq Capital Market and meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Nasdaq Minimum Bid Price Requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period. Following a transfer to The Nasdaq Capital Market,
SIGNATURES
SIGNATURES 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: September 27, 2024 THREDUP INC. By: /s/ Sean Sobers Sean Sobers Chief Financial Officer (Principal Financial and Accounting Officer)