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Fresh Vine Wine Inc. (NYSE:VINE) today announced that it received a Notice (the "Notice") on July 27, 2023 from the NYSE American LLC (the "NYSE American") stating that the Company was not in compliance with the continued listing standards as set forth in Section 803B (2) of the NYSE American Company Guide ("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.
According to Section 803B(6)(b) of the NYSE American Company Guide, the Company had until the earlier of the next annual shareholders' meeting or one year from the date of the event that caused the failure to comply with the audit committee composition requirements, provided, however, that if the annual shareholders' meeting occurs no later than 75 days following the noncompliance event date, the Company would instead have 75 days from such event to regain compliance.
On July 27, 2023, the Company's Board of Directors filled the vacancy on the audit committee by appointing David Yacullo to serve as a member of the committee. As a result of such appointment, on July 28, 2023, the Company received a letter from the NYSE American stating that the Company has resolved the deficiency set forth in the Notice and has regained compliance with the NYSE American's audit committee composition requirements.
The Notice had no immediate effect on the listing or trading of the Company's common stock and the common stock continues to trade on the NYSE American under the symbol "VINE".
Posted In: VINE
