TOFB 8-K
Tofutti Brands Inc (TOFB)
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 May 22, 2023 the Registrant received a notice from the OTC Markets Group indicating that the Registrant no longer meets the Standards for Continued Qualification for the OTCQX U.S. tier as per the OTCX Rules for U.S. Companies (Version 8.6) section 3.2.b.2. Specifically, the Registrant’s market capitalization has stayed below $5 million for the past 30 consecutive calendar days. The Registrant has a cure period of 180 calendar days, expiring November 20, 2023, to regain compliance. In order to regain compliance, the Registrant’s market capitalization must stay at or above $5 million for 10 consecutive trading days within the cure period. The Registrant may also seek a transfer to the OTCQB market.
ITEM 8.01 OTHER EVENTS.
On May 26, 2023, the Registrant issued a press release announcing the receipt of the OTC Markets Group notice described in Item 3.01 of this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
| Exhibit 99.1 | Press Release dated May 26, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 thereunto duly authorized.
| Date: May 26, 2023 | TOFUTTI BRANDS INC. | |
| (Registrant) | ||
| By: | /s/ Steven Kass | |
| Steven Kass | ||
| Chief Executive and Financial Officer | ||
Exhibit 99.1
May 26, 2023
Tofutti Press Release
| Company Contact: | Steve Kass |
| Chief Financial Officer | |
| (908) 272-2400 | |
| (908) 272-9492 (Fax) |
Tofutti Brands Inc. Announces Receipt of Notification From the OTC Markets Group That It No Longer Meets the Standards for Continued Qualification
Cranford, New Jersey — May 26, 2023 — TOFUTTI BRANDS INC. (OTCQX: TOFB) (“Tofutti” or the “Company”) today announced that on May 22, 2023 it received a notice from the OTC Markets Group indicating that the Company no longer meets the Standards for Continued Qualification for the OTCQX U.S. tier as per the OTCX Rules for U.S. Companies (Version 8.6) section 3.2.b.2. Specifically, the Company’s market capitalization has stayed below $5 million for the past 30 consecutive calendar days. The Company has a cure period of 180 calendar days, expiring November 20, 2023, to regain compliance. In order to regain compliance, the Company’s market capitalization must stay at or above $5 million for 10 consecutive trading days within the cure period. The Company may also seek a transfer to the OTCQB market.
About Tofutti Brands Inc.
Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of plant-based products. The Company sells more than twenty-five (25) dairy-free foods including cheese products and frozen desserts. Tofutti Brands Inc. is a proven innovator in the food industry and has developed a full line of delicious and healthy dairy-free foods. Available throughout the United States and in more than fifteen (15) countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy or wish to maintain a kosher or vegan diet. Tofutti’s product line includes plant-based cheese products and frozen dessert products, visit www.tofutti.com.