UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
On August 29, 2024, Eastside Distilling received a deficiency letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) notifying Eastside Distilling that, for the preceding 32 consecutive business days, the closing bid price for Eastside Distilling’s Common Stock was below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”).
The notification has no immediate effect on Eastside Distilling’s Nasdaq listing. In accordance with Nasdaq rules, Eastside Distilling has been provided a period of 180 calendar days, or until February 25, 2025 (the “Compliance Date”), to regain compliance with the Bid Price Requirement. If, at any time before the Compliance Date, the closing bid price for the Common Stock is at least $1.00 for a minimum of 10 consecutive business days, the Staff will provide Eastside Distilling written confirmation of compliance with the Bid Price Requirement.
If Eastside Distilling does not regain compliance by the Compliance Date, the Company may be eligible for an additional grace period if, as of the Compliance Date, the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement.
If Eastside Distilling does not regain compliance with the Bid Price Requirement by the Compliance Date and is not eligible for an additional compliance period at that time, the Staff will provide written notification to Eastside Distilling that the Common Stock will be subject to delisting. At that time, Eastside Distilling may appeal the Staff’s delisting determination to a Nasdaq Hearings Panel.
Eastside Distilling intends to monitor the closing bid price of the Common Stock and will consider available options if the Common Stock does not trade at a level likely to result in the Company regaining compliance with the Bid Price Requirement by the Compliance Date.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 4, 2024
| EASTSIDE DISTILLING, INC. | ||
| By: | /s/ Geoffrey Gwin | |
| Geoffrey Gwin | ||
| Chief Executive Officer | ||