Fresh Vine receives NYSE American noncompliance notice

Fresh Vine received notice from NYSE American on September 8 that it is not in compliance with continued listing standards in Section 1003(a) of the NYSE American Company Guide. That section applies if a listed company has stockholders’ equity of less than $4M and 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 $2.4M as of June 30, the end of its Q2 2023, and has had losses from continuing operations and/or net losses in each of its fiscal years ended December 31, 2020, 2021 and 2022. As a result, the company must submit a plan to NYSE American by October 9 addressing how the company intends to regain compliance by March 8, 2025, or sooner if the NYSE American determines a shorter period of time. The company’s management is pursuing options to address the deficiency and intends to prepare and timely submit a compliance plan to NYSE American. If the company does not submit a plan, or if the plan the company submits is not accepted by NYSE American, the company will be subject to delisting proceedings as specified in the Company Guide. The company will have the right to appeal any delisting determination made by NYSE American staff. If the plan is accepted, the company will be subject to periodic NYSE American reviews, including quarterly monitoring for compliance with the plan. The company’s common stock and the common stock will continue to trade on the NYSE American under the symbol “VINE,” but will be included in the list of NYSE American noncompliant issuers, and the below compliance indicator will be disseminated with the company’s ticker symbol.