Business Context and Reporting Period
This Form 8-K is a current report filed by cbdMD, Inc. on July 5, 2024, regarding a material event under Item 8.01 (Other Events). The filing addresses the company's compliance status with the NYSE American listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on regulatory compliance status rather than financial performance data.
Material Changes
- Listing Non-Compliance: On June 5, 2024, the company received notice from the NYSE American that it was no longer in compliance with continued listing standards.
- Compliance Plan Submission: The company timely submitted a Plan of Compliance to the NYSE American on July 5, 2024, outlining actions to regain compliance by December 5, 2025.
Guidance, Outlook, and Risks
- Outlook: Management expects to receive a response from the NYSE American regarding the submitted plan in August 2024.
- Risks: The primary risk is the potential delisting if the company fails to regain compliance with the exchange's standards by the December 5, 2025 deadline.
- Management Commentary: The filing confirms the submission of the plan but does not detail the specific financial or operational actions within the plan.
Investor Verification Checklist
- Verify the specific listing standard (e.g., stock price, market value, or shareholder equity) that triggered the non-compliance notice.
- Monitor the NYSE American's response expected in August 2024 to determine if the compliance plan was accepted.
- Review subsequent filings for details on the specific actions cbdMD, Inc. is taking to meet the December 5, 2025 compliance deadline.
- Check the current trading status of the Common Stock (YCBD) and 8% Series A Cumulative Convertible Preferred Stock (YCBD PR A) on the NYSE American.