Barfresh Food Group regains compliance with Nasdaq requirement

Barfresh Food Group received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market, informing the Company that it has regained compliance with the minimum stockholders’ equity requirement set forth in Nasdaq Listing Rule 5550(b)(1). As previously announced, the Company was notified by Nasdaq on May 3, 2023 that it was not in compliance with the minimum stockholders’ equity requirement set forth in Nasdaq Listing Rule 5550(b)(1). On June 14, 2023, the Company received a letter from Nasdaq granting the Company an extension through October 30, 2023 to regain compliance with the Rule. In the Form 10-Q for the quarter ended September 30, 2023, the Company reported that it had issued convertible notes in the amount of $1,390,000, and that note balances of $1,207,000 were immediately converted into approximately 820,000 shares of common stock. A pro-forma balance sheet was presented in the Form 10-Q giving effect to the October 23, 2023 note issuance and conversion, showing that the Company satisfies the stockholders’ equity requirement on a pro-forma basis as of September 30, 2023 and as of October 26, 2023. The proceeds from the convertible notes increased stockholders’ equity to meet the requirement and were not required to support the growth of the company. Subscribers to the note include the Company’s CEO and founder, Riccardo Delle Coste, and the Company’s existing strategic investor Unibel SA, a recognized global leader in innovation, branding, retail and manufacturing.