Stryve Foods Receives Deficiency Letter from Nasdaq Listing Qualifications Department

Stryve Foods, Inc. (NASDAQ: SNAX) recently disclosed in a Form 8-K filing that on November 21, 2024, the company received a deficiency letter from the Nasdaq Listing Qualifications Department. This notification addressed the fact that for the preceding 30 consecutive business days, the closing bid price of the company’s Class A common stock had fallen below the minimum requirement of $1.00 per share for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). Despite this deficiency, Stryve Foods’ Class A common stock will continue to be traded on The Nasdaq Capital Market with the symbol “SNAX” at the current time.

Under Nasdaq Listing Rule 5810(c)(3)(A), Stryve Foods has been granted a 180-calendar-day period, until May 20, 2025, to rectify the non-compliance with Rule 5550(a)(2). The company can regain compliance if the bid price of its Class A common stock closes at or above $1.00 per share for a minimum of 10 consecutive business days before the specified deadline.

Should Stryve Foods fail to meet the compliance requirements by May 20, 2025, it might receive an additional 180-calendar-day period to rectify the situation. During this extended period, the company would need to adhere to all initial listing standards for The Nasdaq Capital Market, except the minimum bid price requirement. Stryve Foods would also be mandated to submit written notice to Nasdaq expressing its intention to remedy the deficiency during this latter compliance timeframe.

Stryve Foods expressed its commitment to actively monitoring the bid price of its Class A common stock and exploring available options, potentially including a reverse stock split, to address the deficiency and achieve compliance with Rule 5550(a)(2). Importantly, this deficiency letter does not impact the company’s previously announced hearing scheduled for November 26, 2024, before a Nasdaq Hearing Panel, where Stryve Foods will present its plan of compliance concerning stockholders’ equity compliance.

Despite the actions Stryve Foods may take to address the deficiency, there is no certainty about the company’s ability to regain compliance with the Minimum Stockholders’ Equity Rule or to meet other relevant Nasdaq listing rules. The success of the company’s appeal of the delisting determination also remains uncertain. The filing was signed by R. Alex Hawkins, the Chief Financial Officer of Stryve Foods, on November 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Stryve Foods’s 8K filing here.

Stryve Foods Company Profile

Stryve Foods, Inc manufactures, markets, and sells snacking products in North America. The company's product portfolio consists primarily of air-dried meat snack products marketed under the Stryve, Kalahari, Braaitime, and Vacadillos brands. It also produces charcuterie slabs, thinly sliced steaks, air-dried beef sticks, biltong, biltong slabs, crisps, carne seca, sliced biltong, and droëwors products, as well as markets and sells human-grade pet treats under the brand Two Tails.