Eastside Distilling : Failure to Satisfy Listing Rule - Form 8-K
April 10, 2024 at 03:43 pm EDT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
Nasdaq Stockholders" Equity Requirement
On April 8, 2024, Eastside Distilling, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market, LLC ("Nasdaq") notifying Eastside Distilling that its stockholders' equity as reported in its Annual Report on Form 10-K for the period ending December 31, 2023, did not satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b)(1) (the "Equity Rule") for the Nasdaq Capital Market, which requires that a listed company's stockholders' equity be at least $2.5 million. As reported on its Form 10-K, the Company's stockholders' equity as of December 31, 2023 was approximately $853,000.
The notification provided the Company a period of 45 calendar days, or until May 23, 2024, to submit a plan to regain compliance with the Equity Rule. The Company is currently evaluating various alternative courses of action, including submitting to Nasdaq a plan to regain compliance with the Nasdaq Capital Market listing requirements on or before May 23, 2024. However, there can be no assurance that the Company will be able to satisfy the Nasdaq Capital Market's continued listing requirements, regain compliance with the minimum stockholders' equity requirement, or maintain compliance with the other listing requirements.
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Eastside Distilling, Inc. is engaged in producing craft spirits in Portland, Oregon. The Company operates through two segments: Craft Canning + Printing and Spirits. Its Craft Canning + Printing segment provides digital can printing services to customers in the craft beverage industry operating throughout the Pacific Northwest as well as other states. It also provides mobile canning services to the craft beverage industry in Oregon. In addition to these services, the Company offers co-packing services from a single fixed site in Portland, Oregon. It offers co-packing services for non-alcoholic canned beverages, including CBD soda waters in Portland, Oregon. Its Spirits segment manufactures, blends, bottles, markets and sells a variety of alcoholic beverages under brands in 23 states in the United States. Its portfolio includes originals like the Quercus garryana barrel-finished Burnside Whiskey family, Portland Potato Vodka, Hue-Hue Coffee Rum, Azunia Tequilas and Eastside Brands.