Better Choice Co. Faces Delisting Concerns

TL;DR

BCII might get kicked off Nasdaq - big trouble for shareholders.

AI Summary

Better Choice Company Inc. filed an 8-K on July 15, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The filing indicates potential issues with meeting Nasdaq's continued listing requirements, which could lead to the transfer or delisting of the company's securities.

Why It Matters

This filing signals potential instability for Better Choice Company Inc.'s stock, which could impact investors if the company fails to meet listing standards.

Risk Assessment

Risk Level: high — The company is facing potential delisting from a major stock exchange, indicating significant financial or operational distress.

Key Players & Entities

• Better Choice Company Inc. (company) — Registrant
• Nasdaq (company) — Stock Exchange
• July 9, 2024 (date) — Earliest event reported
• July 15, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value share BTTR NYSE American
• $4 million — company to have stockholders' equity of $4 million or more if the listed company has repor
• $1.1 million — as it reported stockholders' equity of $1.1 million as of March 31, 2024, and had losses fr

Filing Documents

• form8-k.htm (8-K) — 47KB
• ex16-1.htm (EX-16.1) — 9KB
• ex16-1_001.jpg (GRAPHIC) — 5KB
• 0001493152-24-027884.txt ( ) — 235KB
• bttr-20240709.xsd (EX-101.SCH) — 3KB
• bttr-20240709_lab.xml (EX-101.LAB) — 33KB
• bttr-20240709_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 3KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 9, 2024 Better Choice Company Inc. (Exact name of Registrant as Specified in its Charter) Delaware 001-40477 83-4284557 (State or other Jurisdiction of Incorporation ) (Commission File Number) (IRS Employer Identification No.) 12400 Race Track Road Tampa , Florida 33626 (Address of Principal Executive Offices) (Zip Code) (Registrant's Telephone Number, Including Area Code): (212) 896-1254 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value share BTTR NYSE American Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 9, 2024, Better Choice Company, Inc. (the "Company"), received a notice from the NYSE American ("NYSE"), that it has accepted its plan to regain compliance with Sections 1003(a)(i) and (ii) of the NYSE American Company Guide. As previously disclosed, the NYSE notified the Company on April 24, 2024, that it had fallen below the NYSE's continued listing standard requiring 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. With the NYSE's acceptance of the Company's plan to regain compliance, the Company's listing is being continued pursuant to an extension with a targeted completion date of October 24, 2025 (the "Plan Period"). The Company will provide quarterly updates to the NYSE American during the Plan Period on its progress with the goals and initiatives outlined in the plan. In the notice letter, NYSE American also notified the Company that it was not in compliance with Section 1003(a)(i) of the Company Guide as it reported stockholders' equity of $1.1 million as of March 31, 2024, and had losses from continuing operations and/or net losses in three out of its four most recent fiscal years ended December 31, 2023. The Company intends to gain compliance with Section 1003(a)(i) during the Plan Period. On July 12, 2024, the Company issued a press release announcing the developments disclosed in this report. A copy of the press release is included as an exhibit to this report. Item 7.01 Cautionary Note Regarding Forward-Looking Statements This Current Report on Form 8-K contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Management's projections and expectations are subject to a number of risks and uncertainties that could cause actual performance to differ materially from that predicted or implied. Forward-looking statements may be identified by the use of words such as "expect," "anticipate," "believe," "estimate," "potential," "should" or similar words intended to identify information that is not historical in nature. Forward-looking statements contained herein include, among others, statements concerning management's expectations about future events and the Company's operating plans and performance, including levels of consumer, business and economic confidence generally, the regulatory environment, litigation, sales, and the expected benefits of acquisitions, and such statements are based on the current beliefs and expectations of the Company's management, as applicable, and are subject to known and unknown risks and uncertainties. There are a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-lo

View Full Filing

View this 8-K filing on SEC EDGAR