Fresh vine wine, inc. receives nyse american noncompliance notice

Minneapolis, sept. 13, 2023 (globe newswire) -- fresh vine wine inc. (nyse american: vine) today announced that it received notice from nyse american llc ("nyse american") on september 8, 2023 that it is not in compliance with the continued listing standard set forth in section 1003(a)(ii) of the nyse american company guide (the "company guide"). that section applies if a listed company has stockholders' equity of less than $4 million and has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. the company reported stockholders' equity of $2.4 million as of june 30, 2023, the end of its second fiscal quarter of 2023, and has had losses from continuing operations and/or net losses in each of its fiscal years ended december 31, 2020, 2021 and 2022. as a result, the company has become subject to the procedures and requirements of section 1009 of the company guide and must submit a plan to nyse american by october 9, 2023 addressing how the company intends to regain compliance with section 1003(a)(ii) by march 8, 2025, or sooner if the nyse american determines that the nature and circumstances of the company's continued listing status warrant a shorter period of time.
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