Business Context and Reporting Period
This Form 8-K filing by Grove Collaborative Holdings, Inc. (GROV) was submitted on June 8, 2023, regarding events occurring on June 8 and June 9, 2023. The report addresses a regulatory action by the New York Stock Exchange (NYSE) concerning the Company's redeemable warrants (GROV.WS).
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the listing status of the Company's warrants.
Material Changes
- Trading Halt: On June 8, 2023, the NYSE halted trading in the Company's warrants (GROV.WS) due to a low trading price.
- Delisting Proceedings: On June 9, 2023, the NYSE announced proceedings to delist the warrants based on "abnormally low" price levels under Section 802.01D of the NYSE Listed Company Manual.
- Market Transfer: As of June 12, 2023, the warrants are no longer listed on the NYSE and may be quoted and traded in the over-the-counter (OTC) market.
- Common Stock Status: Trading in the Company's Class A common stock (GROV) continues on the NYSE and is unaffected by this action.
Guidance, Outlook, and Management Commentary
The Company stated it will not appeal the NYSE's determination to delist the warrants. No financial guidance, outlook, or discussion of risks beyond the specific delisting event is provided in this filing.
Investor Verification Checklist
- Verify the current trading symbol and market for the warrants (GROV.WS) in the over-the-counter market.
- Confirm that Class A common stock (GROV) trading remains active on the NYSE.
- Review the exercise price of the warrants ($57.50 per share) to assess the likelihood of exercise given the delisting due to low price.
- Check subsequent filings for any updates on the finalization of the delisting process with the SEC.