CHERRY HILL, N.J. - The Real Good Food Company, Inc. (NASDAQ: RGF), known for its health and wellness frozen and refrigerated foods, is currently facing a compliance issue with The Nasdaq Stock Market LLC. On May 17, 2024, the company was notified by Nasdaq that it failed to meet the requirements of Listing Rule 5250(c)(1) due to not filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, on time.
The company has been given a deadline until June 18, 2024, to submit a plan to regain compliance. If the plan is accepted, Nasdaq may allow an extension of up to 180 days from the original due date of the company's Annual Report to resolve the issue, which would extend the deadline to October 14, 2024.
While these notifications do not immediately affect the listing of the company's securities on Nasdaq, there is no guarantee that Real Good Foods will be able to regain compliance within the given timeframe.
Real Good Foods has positioned itself as a provider of nutritious food options, with a range of products that are low in sugar and carbohydrates, and high in protein. The company's offerings span across breakfast, lunch, dinner, and snacks, and are available in over 16,000 stores nationwide, as well as through direct-to-consumer channels.
The recent press release from Real Good Foods also includes forward-looking statements regarding the company's projected financial results and growth objectives. However, these statements come with a disclaimer that they are subject to significant risks and uncertainties, and there is no assurance that the company's expectations will be met.
Investors and stakeholders are advised that the information provided in this article is based on a press release statement from The Real Good Food Company, and it should be considered in the context of the risks and uncertainties disclosed by the company.
InvestingPro Insights
The Real Good Food Company, Inc. (NASDAQ: RGF) is navigating a turbulent period, underscored by its recent compliance issues with Nasdaq. As investors assess the company's ability to rebound, certain financial metrics and analyst insights from InvestingPro provide a clearer picture of the company's standing.
With a market capitalization of just $18.28 million, the company's size is relatively small, which can often be associated with higher investment risk. Furthermore, the company's price-to-earnings (P/E) ratio is currently negative, standing at -0.73, indicating that it is not generating net income relative to its share price.
Moreover, Real Good Foods is experiencing significant revenue growth, with an 18.88% increase over the last twelve months as of Q3 2023. Despite this growth, the company operates with a significant debt burden and may have trouble making interest payments on its debt, which are concerns that potential investors should not overlook. In line with the company's recent challenges, two analysts have revised their earnings downwards for the upcoming period, hinting at potential future financial difficulties.
InvestingPro Tips further reveal that while Real Good Foods has seen a strong return over the last month, with a 90.76% increase in its share price, the broader trend for the company has been less favorable. The stock has suffered considerable losses over the last three, six, and twelve months, which aligns with the company's recent compliance issue and may reflect investor sentiment about its future prospects.
For investors looking for deeper insights and additional analysis, InvestingPro offers an expansive list of tips for Real Good Foods. Subscribers to InvestingPro can discover more about the company's liquidity position, cash burn rate, and other critical financial metrics. By using the coupon code PRONEWS24, new subscribers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of expert analysis and data to inform their investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.