Business
LQR House Addresses Nasdaq Delisting Determination with Formal Appeal Measures
MIAMI BEACH, FL / ACCESSWIRE / November 22, 2023 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a leading marketing agency specializing in the
About this update from Lqr House Inc.
[{"type":"text","content":"MIAMI BEACH, FL / ACCESSWIRE / November 22, 2023 / LQR House Inc. (the \"Company\" or \"LQR House\") (NASDAQ:LQR), a leading marketing agency specializing in the spirits and beverage industry, discloses that it has received a Staff Delisting Determination dated November 22, 2023, from the Nasdaq Stock Market, LLC (\"Nasdaq\"). The determination cites the delisting of the Company's common shares due to the failure to maintain a minimum bid price of $0.10 per share for a consecutive 10-day period, as per Nasdaq Listing Rule 5810 (the \"Low Price Stocks Rule\").In response, LQR House intends to appeal the Staff Determination by requesting a hearing before a Nasdaq Hearings Panel, in accordance with Nasdaq Listing Rule 5800 Series procedures. The appeal initiates a stay on the delisting of the Company's Common Shares until the Panel's decision, with hearings typically scheduled 30-45 days post the hearing request.The Company is currently under a delisting determination per Nasdaq Rule 5550(a)(2) (the \"Minimum Bid Price Rule\"), triggered by the closing bid price of its Common Shares remaining below $1.00 per share for thirty consecutive trading days.To address compliance concerns with both the Low Price Stocks Rule and the Minimum Bid Price Rule, LQR House has opted for a 1-for-60 reverse stock split of its common stock. This strategic move, approved by NASDAQ, is scheduled to take effect on November 30, 2023. Throughout this process, the Company's Common Shares will continue trading on the Nasdaq Capital Market under the symbol \"LQR,\" contingent upon the submission of a timely hearing request.While Nasdaq's delisting determination holds no immediate impact on the Company's Common Shares' listing or trading, uncertainties remain regarding the Nasdaq Hearings Panel's decision and the successful implementation of the reverse stock split or alternative compliance measures. LQR House remains committed to navigating these challenges and sustaining its presence on the Nasdaq Capital Market.About LQR House Inc.LQR House is a dynamic and forward-thinking liquor marketing company that intends to become the full-service digital marketing and brand development face of the alcoholic beverage space. Currently, LQR House has a key partnership with Country Wine & Spirits Inc. (\"CWS\"), granting the company full control over all marketing opera...