cbdMD Faces Delisting Notice
Ticker: YCBD · Form: 8-K · Filed: Jun 10, 2024 · CIK: 1644903
| Field | Detail |
|---|---|
| Company | Cbdmd, Inc. (YCBD) |
| Form Type | 8-K |
| Filed Date | Jun 10, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $4 million, $3.1 million |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, regulatory
Related Tickers: YCBD
TL;DR
cbdMD got a delisting notice, stock might be delisted soon.
AI Summary
cbdMD, Inc. filed an 8-K on June 10, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, effective June 5, 2024. The company also reported other events and filed financial statements and exhibits.
Why It Matters
This filing indicates potential delisting from a stock exchange, which could significantly impact the liquidity and trading of cbdMD's stock.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Players & Entities
- cbdMD, Inc. (company) — Registrant
- June 5, 2024 (date) — Effective date of notice
- June 10, 2024 (date) — Filing date of 8-K
FAQ
What specific listing rule or standard has cbdMD, Inc. failed to satisfy?
The filing does not specify the exact listing rule or standard that cbdMD, Inc. has failed to satisfy, only that a notice has been issued.
What is the effective date of the notice of delisting or failure to satisfy a continued listing rule?
The earliest event reported, which includes the notice, is dated June 5, 2024.
What are the implications of this notice for cbdMD, Inc.'s stock trading?
A notice of delisting suggests that the company's stock may be removed from its current exchange, which could lead to reduced liquidity and trading volatility.
Has cbdMD, Inc. previously been known by other names?
Yes, the company was formerly known as Level Brands, Inc. (name change effective February 2, 2017) and LEVEL BEAUTY GROUP, INC. (name change effective June 11, 2015).
What other items are included in this 8-K filing besides the delisting notice?
The filing also includes 'Other Events' and 'Financial Statements and Exhibits'.
Filing Stats: 1,040 words · 4 min read · ~3 pages · Grade level 12.4 · Accepted 2024-06-07 17:48:56
Key Financial Figures
- $4 million — company to have stockholders' equity of $4 million or more if the listed company has repor
- $3.1 million — Company reported stockholders equity of $3.1 million as of March 31, 2024, and losses from c
Filing Documents
- ycbd20240606_8k.htm (8-K) — 32KB
- ex_684966.htm (EX-99.1) — 10KB
- logo.jpg (GRAPHIC) — 4KB
- 0001437749-24-019721.txt ( ) — 203KB
- ycbd-20240605.xsd (EX-101.SCH) — 4KB
- ycbd-20240605_def.xml (EX-101.DEF) — 13KB
- ycbd-20240605_lab.xml (EX-101.LAB) — 17KB
- ycbd-20240605_pre.xml (EX-101.PRE) — 13KB
- ycbd20240606_8k_htm.xml (XML) — 5KB
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. On June 5, 2024, cbdMD, Inc. (the "Company") received notification (the "Notice") from the NYSE American LLC (the "NYSE American") that the Company is no longer in compliance with NYSE American's continued listing standards. Specifically, the letter states that the Company is not in compliance with the continued listing standard set forth in Section 1003(a)(ii) of the NYSE American Company Guide (the "Company Guide"). Section 1003(a)(ii) requires a listed company to have stockholders' equity of $4 million or more if the listed company has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Company reported stockholders equity of $3.1 million as of March 31, 2024, and losses from continuing operations and/or net losses in three of its four most recent fiscal years ended September 30, 2023. The Notice further provides that the Company must submit a plan of compliance (the "Plan") by July 5, 2024 addressing how it intends to regain compliance with the continued listing standards by December 5, 2025. The Plan is required to include specific milestones, quarterly financial projections and details related to any strategic initiatives the Company plans to complete. The Company has begun to prepare its Plan for submission to the NYSE American by the July 5, 2024 deadline. If the NYSE American accepts the Company's Plan, the Company will be able to continue its listing during the Plan period and will be subject to continued periodic review by the NYSE American staff. If the Plan is not submitted, or not accepted, or is accepted but the Company is not in compliance with the continued listing standards by December 5, 2025 or if the Company does not make progress consistent with the Plan during the Plan period, the Company will be subject to delisting procedures as set forth in the NYSE American Company Gu
01 Other Events
Item 8.01 Other Events. On June 7, 2024, in accordance with the NYSE American's procedures, the Company issued a press release discussing the matters disclosed in Item 3.01 above. A copy of the press release is included herewith as Exhibit 99.1, which is incorporated by reference into this Item 8.01.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 99.1 Pres Release dated June 7, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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. cbdMD, Inc. Date: June 7, 2024 By: /s/ T. Ronan Kennedy T. Ronan Kennedy, Chief Executive Officer and Chief Financial Officer 2