Fresh Vine receives NYSE American notice

Fresh Vine Wine announced that it received a Notice on July 27, 2023 from the NYSE American LLC stating that the Company was not in compliance with the continued listing standards as set forth in Section 803B of the NYSE American Company Guide, relating to the composition of its audit committee. On July 19, 2023, the Company’s Board of Directors appointed Michael Pruitt, the Non-Executive Chair of the Company’s Board of Directors, to serve as Interim Chief Executive Officer. As a result of such interim appointment, Mr. Pruitt ceased serving as one of two members of the Company’s audit committee because he is not considered an independent director under Section 803A of the NYSE American Company Guide while serving as Chief Executive Officer. As a result, on July 27, 2023, the Company received the Notice, indicating that the Company was not in compliance with the NYSE American continued listing standards set forth in Section 801(h) and 803B(2)(c) of the NYSE American Company Guide because its audit committee was not comprised of at least two members.