Item 8.01 Other Information.
Relying on Order for Reporting Relief
On March 4, 2020, the Securities and Exchange Commission ("SEC") issued an order
(the "Order") under the Exchange Act of 1934 (the "Exchange Act") extending the
deadlines for filing certain reports made under the Exchange Act, including
annual reports on Form 10-K, for registrants subject to the reporting
obligations under the Exchange Act that have been particularly impacted by the
coronavirus disease 2019 ("COVID-19") and which reports have filing deadlines
between March 1 and April 30, 2020. YogaWorks, Inc. (the "Company") is relying
on the Order with respect to its Annual Report on Form 10-K for the year ended
December 31, 2019 which was due to be filed with the SEC on or before March 30,
2020.
The Company is relying on the Order due to the reduction in staff, suspension of
in-person operations at headquarters, closure of studios and other financial and
operational concerns associated with or caused by COVID-19. The Company
anticipates that it will be able to file its Annual Report on Form 10-K for the
year ended December 31, 2019 on or before May 14, 2020.
COVID-19 Risk Factor
The Company is supplementing the risk factors previously disclosed in its most
recent periodic reports filed under the Securities Exchange Act of 1934 with the
following risk factor:
Our financial and operating performance is adversely affected by the coronavirus
pandemic.
The recent outbreak of a strain of coronavirus (COVID-19) in the U.S. has had an
unfavorable impact on our business operations. Mandatory closures of businesses,
including fitness centers, imposed by the federal, state and local governments
to control the spread of the virus has resulted in an extended closure of all of
our studios since March 17, 2020, and we have also suspended in-person
operations at our headquarters in Culver City, California, disrupting the
operations of our management, business and finance teams. If our studios are not
able to generate revenue during their closures, we cannot assure you that we
will continue to have sufficient resources or liquidity to operate our business,
or that alternate financing sources will be available. In addition, the COVID-19
outbreak has adversely affected the U.S. economy and financial markets, which
may result in a long-term economic downturn that could negatively affect future
demand for our studio classes. The extent to which COVID-19 will impact our
business and our consolidated financial results will depend on future
developments which are highly uncertain and cannot be predicted at the time of
the filing of this Form 8-K, but is expected to result in a material adverse
impact on our business, results of operations and financial condition.
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