QVC Group, Inc 8-K, filed May 1, 2023
QVC Group, Inc. (QVCAQ)
About this 8-K
QVC Group, Inc filed this 8-K on May 1, 2023.
Items reported
- Item 3.01: Delisting notice or listing transfer
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 1, 2023, Qurate Retail, Inc. (the “Company”) received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) notifying the Company that, because the closing bid price for the Company’s Series A common stock, par value $0.01 per share (“QRTEA”), has fallen below $1.00 per share for 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing of QRTEA on the Nasdaq Global Select Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”), and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days.
The Notice has no immediate effect on the listing of QRTEA, the Company’s Series B common stock, par value $0.01 per share, or the Company’s 8.0% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, on the Nasdaq Global Select Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until October 30, 2023, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of QRTEA must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to October 30, 2023. If at any time during this 180-day compliance period the closing bid price of QRTEA meets these requirements, then Nasdaq will provide the Company with written confirmation of compliance and the matter will be closed.
If the Company does not regain compliance with respect to QRTEA by October 30, 2023, the Company may be eligible for an additional 180-day compliance period if it applies to transfer the listing of QRTEA to the Nasdaq Capital Market. To qualify, the Company would be required to meet 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. In addition, the Company would be required to provide written notice to Nasdaq of its intent to cure the minimum bid price deficiency during this second compliance period by effecting a reverse stock split if necessary.
If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that QRTEA will be subject to delisting. The Company would then be entitled to appeal Nasdaq’s delisting determination.
The Company intends to monitor the closing bid price of QRTEA and consider its available options to resolve the noncompliance with the Minimum Bid Price Requirement. No determination regarding the Company’s response has been made at this time. There can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement with respect to QRTEA or will otherwise be in compliance with other Nasdaq listing criteria.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 1, 2023
| QURATE RETAIL, INC. | |
| | |
| | |
| By: | /s/ Katherine C. Jewell |
| | Name: Katherine C. Jewell |
| | Title: Vice President |
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