On Tuesday, Reed’s Inc. (NASDAQ: REED) advanced 8.27% after-hours to $0.148 following the Nasdaq listing decision. The stock remained unchanged at $0.14 to end the regular trading session.
When was the listing determination received by REED?
In a decision dated September 28, 2022, Reed’s Inc. (REED) announced that a Nasdaq Hearing Panel granted Reed’s request for an extension until February 13, 2023, to maintain its Nasdaq listing.
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- Ultimately, the Company must satisfy certain interim milestones and comply with all applicable criteria for continued listing on Nasdaq, including the $1.00 bid price and the minimum stockholder equity requirement of $2.5 million.
- To demonstrate compliance with the Panel’s decision, the Company is taking concrete steps. Delisting will result if the extension terms, including interim deadlines, are not met.
- In response to REED’s presentation to the Nasdaq Hearings Panel of its operating plan, which includes several business initiatives that are on track and should help REED regain Nasdaq compliance, this extension was granted by the panel.
- In addition to Reed’s Ginger Beer and Virgil’s, we are ramping up our RTD alcohol portfolio, launching various products, and expanding our swing-lid portfolio.
- REED’s supply chain, transportation, and cost-saving initiatives will generate value for the broader market, supporting its goal of regaining Nasdaq listing compliance as well.
What’s new at REED?
Reed’s Inc (REED) has recently launched a new batch of Spiced Apple Cider with a classic glass swing-lid packaging that will be available at approximately 380 Sprouts Farmers Markets nationwide. Additionally, this launch will complement Virgil’s Bavarian Nutmeg Root Beer and Reed’s Limited Edition Flying Cauldron Butterscotch Cream Soda, which are currently available from REED.
In addition to its promise of providing unique, premium, and natural products to our customers, Sprouts is one of REED’s key retail partners, and this new, limited-edition beverage showcases both Reed’s and Sprouts’ innovative nature. Through the development of new, innovative products, REED is committed to deepening its partnership with Sprouts.