Vintage Wine Estates receives notification of non-compliance from Nasdaq

Vintage Wine Estates announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market on February 13, 2023, indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2022 (the "Form 10-Q") within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The Nasdaq notification letter has no immediate effect on the listing or trading of the Company’s common stock. While the notice provides the Company the opportunity to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) within 60 days, VWE currently expects to be in compliance with the listing qualification in that timeframe. The Company filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission on February 8, 2023 indicating that the filing of the Form 10-Q would be delayed due to management identifying impairment indicators, which require additional analysis, late in the financial reporting and closing process. Due to the time required to complete this process, the Company was not able to file the Form 10-Q within the five-day extension period provided byRule 12b-25 under the Securities Exchange Act of 1934. The Company expects it will file the Form 10-Q in mid-March 2023 following the filing of an amendment to its previously filed Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022.