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 operations on CWSpirits.com, a leading alcohol ecommerce platform. With a deep passion for the world of beverages, LQR House takes pride in curating marketing strategies aimed to elevate brands to new heights. Composed of a team of seasoned professionals, LQR House focuses on crafting marketing solutions tailored to each client's unique needs. Through strategic partnerships, creative branding, and digital prowess, LQR House intends to be at the forefront of the wine and spirits marketing landscape, making it the go-to choice for brands seeking to thrive in a competitive industry.
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement on Form S-1 filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement on Form S-1 and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
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SOURCE: LQR House Inc.