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SAN FRANCISCO, CA - Wag! Group Co., a company specializing in personal services for pets currently trading at $0.17 with a market capitalization of just $8.71 million, has been notified by the Nasdaq Stock Market that its common stock may be delisted due to non-compliance with the market’s minimum bid price and market value requirements. According to InvestingPro data, the stock has lost over 91% of its value in the past year, with particularly concerning metrics regarding its financial health. The notice, issued on March 25, 2025, indicated that Wag! Group Co.’s shares had been trading below the $1.00 minimum bid price for 180 days, violating the Nasdaq Listing Rule 5450(a)(1). Additionally, the company’s Market Value of Listed Securities (MVLS) has fallen short of the $50 million threshold required by Nasdaq Listing Rule 5450(b)(2)(A). InvestingPro analysis reveals the company operates with a significant debt burden and is quickly burning through cash, with a concerning current ratio of 0.51 indicating short-term obligations exceed liquid assets.
Barring a successful appeal, the company’s securities are set to be delisted at the opening of business on April 3, 2025. Wag! Group Co. plans to request an appeal hearing with the Nasdaq Hearings Panel, which will temporarily stay the delisting process until a decision is reached. The appeal must be filed by 4:00 p.m. Eastern Time on April 1, 2025.
The company’s intention is to present a plan to the Panel to regain compliance with Nasdaq’s continued listing standards. However, there is no guarantee that the appeal will be successful or that the company will be granted additional time to meet the requirements.
This development follows a prior notice from Nasdaq on January 21, 2025, which indicated that Wag! Group Co. did not meet another continued listing rule. The company’s future actions and plans to address these issues are considered forward-looking statements and are subject to a number of risks and uncertainties.
Investors are advised that Wag! Group Co. is exploring strategic alternatives, but there can be no assurance of a transaction or other strategic alternative that may maximize shareholder value. While the company maintains impressive gross profit margins of 77.31%, InvestingPro analysis shows it remains unprofitable with an EBITDA of -$7.97 million in the last twelve months. The company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, provide further details on these risks. For deeper insights into Wag! Group’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
This news is based on a recent SEC filing by Wag! Group Co.
In other recent news, Wag! Group Co reported a 16% decline in full-year revenue for 2024, totaling $70.5 million, down from $83.9 million in 2023. The company’s Q4 revenue was $15.4 million, aligning with forecasts. Despite the revenue drop, Wag! Group Co remains optimistic about 2025, projecting revenues between $84 million and $88 million. The company aims for an adjusted EBITDA target ranging from $2 million to $4 million, with expectations for growth driven by new distribution partnerships in the wellness segment. Analysts from Craig Hallum noted that the primary revenue growth in 2025 is expected to come from the wellness sector, supported by these new partnerships. Wag! Group Co also reported an adjusted EBITDA loss of $963,000 for Q4 and a full-year adjusted EBITDA loss of $1.1 million, compared to a $700,000 profit in 2023. The company’s strategic initiatives include integrating AI to enhance operations and forming new partnerships to bolster future growth. These developments indicate Wag! Group Co’s efforts to navigate competitive pressures and economic challenges while aiming for a turnaround in the coming year.
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