0001193125-23-041078.txt : 20230216 0001193125-23-041078.hdr.sgml : 20230216 20230216161540 ACCESSION NUMBER: 0001193125-23-041078 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20230213 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230216 DATE AS OF CHANGE: 20230216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vintage Wine Estates, Inc. CENTRAL INDEX KEY: 0001834045 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40016 FILM NUMBER: 23638689 BUSINESS ADDRESS: STREET 1: 937 TAHOE BOULEVARD STREET 2: SUITE 210 CITY: INCLINE VILLAGE STATE: NV ZIP: 89451 BUSINESS PHONE: 707-346-3640 MAIL ADDRESS: STREET 1: 937 TAHOE BOULEVARD STREET 2: SUITE 210 CITY: INCLINE VILLAGE STATE: NV ZIP: 89451 FORMER COMPANY: FORMER CONFORMED NAME: Bespoke Capital Acquisition Corp DATE OF NAME CHANGE: 20201125 8-K 1 d450720d8k.htm 8-K 8-K
false 0001834045 0001834045 2023-02-13 2023-02-13 0001834045 vwe:CommonStockNoParValuePerShare2Member 2023-02-13 2023-02-13 0001834045 vwe:WarrantsToPurchaseCommonStock1Member 2023-02-13 2023-02-13

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 13, 2023

 

 

 

LOGO

Vintage Wine Estates, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Nevada   001-40016   87-1005902
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (IRS Employer
Identification No.)

937 Tahoe Boulevard, Suite 210

Incline Village, Nevada 89451

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code: (877) 289-9463

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange

on which registered

Common stock, no par value per share   VWE   The Nasdaq Stock Market LLC
Warrants to purchase common stock   VWEWW   The Nasdaq Stock Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 1.01 — Entry into a Material Definitive Agreement

On February 13, 2023, Vintage Wine Estates, Inc. (“VWE” or the “Company”) entered into an amendment (the “Amendment”) to the Second Amended and Restated Loan and Security Agreement dated as of December 13, 2022 (the “LSA”), by and among the Company, certain subsidiaries of the Company from time to time party thereto, the financial institutions from time to time party thereto (collectively, the “Lenders”), and BMO Harris Bank, N.A., as successor in interest to Bank of the West, as administrative agent (the “Agent”). The Amendment, among other things, extends the date under the LSA by which the Company must furnish to the Agent and the Lenders the Company’s consolidated financial statements for the fiscal quarter ended December 31, 2022 to 90 days after the end of such fiscal quarter.

The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On February 13, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2022 (the “Form 10-Q”) within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).

The Nasdaq notification letter has no immediate effect on the listing or trading of the Company’s common stock on Nasdaq. While the notification letter provides the Company the opportunity to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) within 60 days from the date of the notice, VWE currently expects to be in compliance with the listing rule in that timeframe.

The Company filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission on February 8, 2023 indicating that the filing of the Form 10-Q would be delayed due to management identifying impairment indicators, which require additional analysis, late in the financial reporting and closing process. Due to the time required to complete this process, the Company was not able to file the Form 10-Q within the five-day extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934. As previously disclosed, the Company expects it will file the Form 10-Q in mid-March 2023 following the filing of an amendment to its previously filed Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022.

Item 7.01 — Regulation FD Disclosure

On February 16, 2023, the Company issued a press release announcing its receipt of the Nasdaq notification letter. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information set forth, or referred to, in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the Company under the Exchange Act or the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 9.01 — Financial Statements and Exhibits

(d) Exhibits.

 

Exhibit
Number		   

Description

10.1    Amendment Number One, dated as of February 13, 2023, to Second Amended and Restated Loan and Security Agreement dated as of December 13, 2022, by and among Vintage Wine Estates, Inc., certain subsidiaries of Vintage Wine Estates, Inc. party thereto from time to time, certain financial institutions party thereto from time to time, and Bank of the West, as Administrative Agent.
99.1    Press release, dated February 16, 2023.
 104    Cover Page Interactive Data File (embedded within the inline XBRL document).

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “plan,” “project,” “should,” “will,” “would” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding VWE’s restatement of its results for the first quarter ended September 30, 2023, and the anticipated timing of the filing of VWE’s results for the second quarter ended December 31, 2022. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of VWE’s management. These forward-looking statements are not intended to serve as, and should not be relied on as, a guarantee of actual performance or an assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking

statements are subject to a number of risks and uncertainties, many of which are beyond the control of VWE. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the Company’s limited experience operating as a public company; the Company’s ability to complete its closing procedures for the quarter ended December 31, 2022 within the anticipated timeframe; the ability of the Company to regain compliance with Nasdaq continued listing requirements; the need for restatement of Company’s prior period financial statements; the time and expense associated with any necessary remediation of control deficiencies; the impact and result of any litigation or regulatory inquiries or investigations related to the restatement of the Company’s financial statements or otherwise; the ability of the Company to recruit a new CEO and otherwise to retain key personnel; the potential impact on the Company’s business and stock price of any announcements regarding any of the foregoing; the effect of economic conditions on the industries and markets in which VWE operates, including financial market conditions, rising inflation, fluctuations in prices, interest rates and market demand; risks relating to the uncertainty of projected financial information; the effects of competition on VWE’s future business; risks related to the organic and inorganic growth of VWE’s business and the timing of expected business milestones; the potential adverse effects of the ongoing COVID-19 pandemic on VWE’s business and the U.S. economy; declines or unanticipated changes in consumer demand for VWE’s products; VWE’s ability to adequately source grapes and other raw materials and any increase in the cost of such materials; the impact of environmental catastrophe, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business; VWE’s level of insurance against catastrophic events and losses; VWE’s significant reliance on its distribution channels, including independent distributors; potential reputational harm to VWE’s brands from internal and external sources; possible decreases in VWE’s wine quality ratings; integration risks associated with recent acquisitions; possible litigation relating to misuse or abuse of alcohol; changes in applicable laws and regulations and the significant expense to VWE of operating in a highly regulated industry; VWE’s ability to maintain necessary licenses; VWE’s ability to protect its trademarks and other intellectual property rights; risks associated with the Company’s information technology and ability to maintain and protect personal information; VWE’s ability to make payments on its indebtedness; and those factors discussed in the Company’s most recent Annual Report on Form 10-K and in subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. There may be additional risks including other adjustments that VWE does not presently know or that VWE currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect VWE’s expectations, plans or forecasts of future events and views as of the date hereof. VWE undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.

SIGNATURES

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.

 

      Vintage Wine Estates, Inc.
      (Registrant)
Date: February 16, 2023      

/s/ Kristina Johnston

      Kristina Johnston
      Chief Financial Officer
 EX-10.1 2 d450720dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

Execution Version

AMENDMENT NUMBER ONE TO SECOND

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

This AMENDMENT NUMBER ONE TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) is dated as of February 13, 2023, and is entered into by and among VINTAGE WINE ESTATES, INC., a Nevada corporation (“Holdings”), VINTAGE WINE ESTATES, INC., a California corporation (“Borrower Agent”), each Subsidiary of Borrower Agent party to this Amendment (together with Borrower Agent, each a “Borrower” and, collectively, “Borrowers”), the Lenders party to this Amendment, and BMO HARRIS BANK, N.A., as successor in interest to BANK OF THE WEST (“BMO”), as administrative agent and collateral agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”).

RECITALS

WHEREAS, Holdings, Borrowers, the Lenders, and the Agent are parties to that certain Second Amended and Restated Loan and Security Agreement, dated as of December 13, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”).

WHEREAS, Borrowers have requested that Agent and Lenders extend the time for the delivery of their financial statements for the Fiscal Quarter ended December 31, 2022.

WHEREAS, Agent and the Lenders have agreed to Borrowers’ request pursuant to the terms of this Amendment.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties agree as follows:

1. DEFINITIONS. All terms which are defined in the Loan Agreement shall have the same definition when used herein unless a different definition is ascribed to such term under this Amendment, in which case, the definition contained herein shall govern.

2. AMENDMENT. Effective as of the date of this Amendment, the Loan Agreement is amended in the following respects:

2.1 Add Definition of Second A&R Closing Date. A new defined term is added to the Section 1.1 in the appropriate alphabetical order as follows:

Second A&R Closing Date: December 13, 2022.

 

1

2.2 Amend Timing for Delivery of Financial Statements. Section 10.1.2 is amended as follows:

A. Clause (c) is deleted in its entirety and is replaced by the following:

(c) as soon as available, and in any event within forty-five (45) days after the end of each Fiscal Quarter (provided that solely with respect to the Fiscal Quarter ended December 31, 2022, within ninety (90) days following the end of such Fiscal Quarter), unaudited balance sheets as of the end of such Fiscal Quarter and the related statements of income and cash flow for such Fiscal Quarter and for the portion of the Fiscal Year then elapsed, on a consolidated basis for Holdings and its Subsidiaries, setting forth in comparative form, corresponding figures for the preceding Fiscal Year and certified by the chief financial officer of Borrower Agent as prepared in accordance with GAAP (and noting any purchase accounting adjustments) in order to present financial performance and measure financial covenants at normalized levels, and fairly presenting in all material respects the financial position and results of operations for such Fiscal Quarter and period, subject to normal year-end adjustments and the absence of footnotes;

B. The full paragraph following clause (l) is deleted in its entirety and is replaced by the following:

Notwithstanding the foregoing, solely in the event of the use of clause (B) below, (i) solely if and to the extent that the applicable deadline required by the Securities and Exchange Commission for delivery of the obligations in Sections 10.1.2(a) and 10.1.2(c) for any period are later than the applicable deadlines for delivery set forth in Sections 10.1.2(a) and 10.1.2(c) for such period, such deadlines set forth in Sections 10.1.2(a) and 10.1.2(c) shall automatically be deemed to be replaced with such later deadlines as required by the Securities and Exchange Commission (without any further action or consent of any party to this Agreement), provided, however, in no event shall (x) the financial statements in Section 10.1.2(a) be delivered more than 130 days after the end of each Fiscal Year, and (y) the financial statements in Section 10.1.2(c) be delivered more than 45 days after the end of each Fiscal Quarter (provided that solely with respect to the Fiscal Quarter ended December 31, 2022, within ninety (90) days following the end of such Fiscal Quarter), and (ii) the obligations in Sections 10.1.2(a) and 10.1.2 (c) may be satisfied with respect to any financial statements of Holdings and its Subsidiaries by furnishing (A) the applicable financial statements of Holdings or any direct or indirect parent of Holdings, or (B) the Borrower Agent’s or Holdings’ (or any direct or indirect parent of Holdings), as applicable, Form 10-K or 10-Q, as applicable, filed with the Securities and Exchange Commission; so long as, with respect to

 

2

each of clauses (A) and (B), (i) to the extent such financial statements relate to any direct or indirect parent of Holdings, such financial statements shall be accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent of Holdings, on the one hand, and the information relating to Holdings and its Subsidiaries on a standalone basis, on the other hand, which consolidating information shall not be audited, but shall be certified by a Senior Officer of Holdings as having been fairly presented in all material respects and (ii) if such financial statements are in lieu of financial statements required to be provided under Section 10.1.2(a), such consolidated statements shall be audited and certified (without qualification) by a firm of independent certified public accountants of recognized standing selected by Holdings and reasonably acceptable to Agent.

3. CONDITIONS PRECEDENT TO EFFECTIVENESS OF AMENDMENT. This Amendment shall be effective only upon satisfaction in full of the following conditions precedent:

3.1 Agent shall have received counterparts to this Amendment, duly executed by the Agent, Holdings, Borrowers, and Lenders constituting Required Lenders, as applicable.

4. RESTATEMENT OF PRIOR FINANCIAL STATEMENTS. Agent and the Lenders hereby acknowledge that that they have received restated unaudited consolidated financial statements of Holdings and its Subsidiaries for the Fiscal Quarter ended September 30, 2022. While neither the Borrowers nor the Agent believe that any Default or Event of Default has occurred as a result of the restatement of the financial statements of Holdings and its Subsidiaries for such Fiscal Quarter (for the avoidance of doubt, such Fiscal Quarter being the Fiscal Quarter ending September 30, 2022), out of an abundance of caution if such restatement were to constitute a Default or Event of Default, Agent and the Lenders hereby waive any such Default or Event of Default. The waiver set forth herein is limited to the specifics hereof, shall not apply with respect to any Default or Event of Default related to other facts or occurrences, shall not be a practical construction, course of conduct or course of performance under the Loan Agreement.

5. JOINDER OF MEIER’S ENTITIES. Agent acknowledges that Borrower Agent requested an extension of the deadline for the joinder of Meier’s Wine Cellars, Inc., an Ohio corporation (“MWC”), and Meier’s Wine Cellars Acquisition, LLC, a Delaware limited liability company (“MWCA”, and together with MWC, the “Meier’s Entities”) as Borrowers under the Loan Agreement pursuant to Section 6.3(b) of the Loan Agreement. Agent, in its Permitted Discretion, agreed to extend the deadline for the joinder of Meier’s Entities to February 24, 2023.

6. REPRESENTATIONS AND WARRANTIES. Each of the Borrowers hereby affirms to Agent and the Lenders that all of Borrowers’ representations and warranties set forth in the Loan Agreement are true and correct in all material respects (or all respects if already qualified by materiality) as of the date hereof (except for any representations and warranties that expressly relate to an earlier date).

 

3

7. LIMITED EFFECT. Except for the specific amendments and waivers contained in this Amendment, the Loan Agreement and other Loan Documents shall remain unchanged and in full force and effect.

8. GOVERNING LAW. This Amendment shall be governed by the laws of the State of California, without giving effect to any conflict of law principles (but giving effect to Federal laws relating to national banks).

9. COUNTERPARTS. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be deemed to be an original. All such counterparts, taken together, shall constitute but one and the same Amendment.

[Signatures are on the following pages]

 

4

IN WITNESS WHEREOF, this Amendment has been executed and delivered as of the date set forth above.

 

HOLDINGS:

VINTAGE WINE ESTATES, INC.,

a Nevada corporation

By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title: Chief Financial Officer
BORROWERS:

VINTAGE WINE ESTATES, INC.,

a California corporation

By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title:   Chief Financial Officer

GROVE ACQUISITION, LLC,

a California limited liability company

By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title: Chief Financial Officer

GIRARD WINERY LLC,

a California limited liability company

By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title:   Chief Financial Officer

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

MILDARA BLASS INC.,

a California corporation

By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title:   Secretary and Treasurer

SPLINTER GROUP NAPA, LLC,

a California limited liability company

By:   /s/ Patrick Roney
Name:   Patrick Roney
Title:   Manager

SABOTAGE WINE COMPANY, LLC,

a California limited liability company

By:   /s/ Patrick Roney
Name:   Patrick Roney
Title:   Manager
VWE CAPTIVE, LLC,
a Nevada limited liability company
By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title:   Manager

CALIFORNIA CIDER CO., INC.,

a California corporation

By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title:   Vice President, Secretary and Treasurer

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

THAMES AMERICA TRADING COMPANY LTD.,

a California corporation

By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title:   Vice President, Secretary and Treasurer
VINESSE, LLC,
a California limited liability company
By:   /s/ Kristina Johnston
Name:   Kristina Johnston
Title:   Manager

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

AGENT:

BMO HARRIS BANK, N.A., as successor in interest to BANK OF THE WEST,

as Agent

By:   /s/ Eric Andersen
Name:   Eric Andersen
Title:   Vice President

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

 

LENDERS:

BMO HARRIS BANK, N.A., as successor in interest to BANK OF THE WEST,

as a Lender

By:   /s/ Marisa Montanez
Name:   Marisa Montanez
Title:   Vice President

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

RABO AGRIFINANCE LLC,

as a Lender

By:   /s/ Catherine M. Vyenielo
Name:   Catherine M. Vyenielo
Title:   Senior Vice President

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

AGCOUNTRY FARM CREDIT SERVICES, PCA,

as a Lender

By:   /s/ Lisa Caswell
Name:   Lisa Caswell
Title:   Vice President Capital Markets

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

COMPEER FINANCIAL PCA,
as a Lender
By:   /s/ Daniel J. Best
Name:   Daniel J. Best
Title:   Director, Capital Markets

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

HTLF BANK,
as a Lender
By:   /s/ Charles Synold
Name:   Charles Synold
Title:   SVP / Managing Director

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

GREENSTONE FARM CREDIT SERVICES, ACA,
as a Lender
By:   /s/ Curtis Flammini
Name:   Curtis Flammini
Title:   VP of Capital Markets

 

GREENSTONE FARM CREDIT SERVICES, FLCA,
as a Lender
By:   /s/ Curtis Flammini
Name:   Curtis Flammini
Title:   VP of Capital Markets

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

FARM CREDIT MID-AMERICA, PCA,

as a Lender

By:   /s/ Evelin Herrera
Name:   Evelin Herrera
Title:   Director

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

COMERICA BANK,

as a Lender

By:   /s/ Bill Stefani
Name:   Bill Stefani
Title:   Vice President

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

FARM CREDIT MID-AMERICA, PCA,

as a Lender

By:   /s/ Tabatha Hamilton
Name:   Tabatha Hamilton
Title:   Vice President Food and Agribusiness

 

Amendment Number One to Second Amended and Restated Loan and Security Agreement

EX-99.1 3 d450720dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

  

News Release

 

For Immediate Release  

937 Tahoe Boulevard, Suite 210 | Incline Village, NV 89451

 

Vintage Wine Estates Receives Notification from Nasdaq Related to Delayed Quarterly Report on Form 10-Q

INCLINE VILLAGE, NV, February 16, 2023 – Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on February 13, 2023, indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2022 (the “Form 10-Q”) within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).

The Nasdaq notification letter has no immediate effect on the listing or trading of the Company’s common stock. While the notice provides the Company the opportunity to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) within 60 days, VWE currently expects to be in compliance with the listing qualification in that timeframe.

The Company filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission on February 8, 2023 indicating that the filing of the Form 10-Q would be delayed due to management identifying impairment indicators, which require additional analysis, late in the financial reporting and closing process. Due to the time required to complete this process, the Company was not able to file the Form 10-Q within the five-day extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934. The Company expects it will file the Form 10-Q in mid-March 2023 following the filing of an amendment to its previously filed Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022.

About Vintage Wine Estates, Inc.

Vintage Wine Estates (Nasdaq: VWE and VWEWW) is a family of wineries and wines whose singular focus is producing the finest quality wines and incredible customer experiences with wineries throughout Napa, Sonoma, California’s Central Coast, Oregon and Washington State. Since its founding 20 years ago, the Company has grown to be the 14th largest wine producer in the U.S., selling more than two million nine-liter equivalent cases annually. To consistently drive growth, the Company curates, creates, stewards and markets its many brands and services to customers and end consumers via a balanced omni-channel strategy encompassing direct-to-consumer, wholesale and exclusive brand arrangements with national retailers. While VWE is diverse across price points and varietals with over 60 brands ranging from $10 to $150 USD at retail, its primary focus is on the fastest growing luxury segment of the U.S. wine industry with the majority of brands selling in the range of $10 to $20 per bottle. The Company regularly posts updates and additional information at https://www.vintagewineestates.com.

Forward-Looking Statements

Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “plan,” “project,” “should,” “will,” “would” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding VWE’s restatement of its results for the first quarter ended September 30, 2023, and the anticipated timing of the

 

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filing of VWE’s results for the second quarter ended December 31, 2022. These statements are based on various assumptions, whether or not identified in this news release, and on the current expectations of VWE’s management. These forward-looking statements are not intended to serve as, and should not be relied on by any investor as, a guarantee of actual performance or an assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of VWE. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the Company’s limited experience operating as a public company the Company’s ability to complete its closing procedures for the quarter ended December 31, 2022 within the anticipated timeframe, the ability of the Company to regain compliance with Nasdaq continued listing requirements, the need for restatement of Company’s prior period financial statements, the time and expense associated with any necessary remediation of control deficiencies, the impact and result of any litigation or regulatory inquiries or investigations related to the restatement of the Company’s financial statements or otherwise, the ability of the Company effectively execute the strategic plan announced concurrently with this press release, the ability of the Company to recruit a new CEO and otherwise to retain key personnel, the potential impact on the Company’s business and stock price of any announcements regarding any of the foregoing; the effect of economic conditions on the industries and markets in which VWE operates, including financial market conditions, rising inflation, fluctuations in prices, interest rates and market demand; risks relating to the uncertainty of projected financial information; the effects of competition on VWE’s future business; risks related to the organic and inorganic growth of VWE’s business and the timing of expected business milestones; the potential adverse effects of the ongoing COVID-19 pandemic on VWE’s business and the U.S. economy; declines or unanticipated changes in consumer demand for VWE’s products; VWE’s ability to adequately source grapes and other raw materials and any increase in the cost of such materials; the impact of environmental catastrophe, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business; VWE’s level of insurance against catastrophic events and losses; VWE’s significant reliance on its distribution channels, including independent distributors; potential reputational harm to VWE’s brands from internal and external sources; possible decreases in VWE’s wine quality ratings; integration risks associated with recent acquisitions; possible litigation relating to misuse or abuse of alcohol; changes in applicable laws and regulations and the significant expense to VWE of operating in a highly regulated industry; VWE’s ability to maintain necessary licenses; VWE’s ability to protect its trademarks and other intellectual property rights; risks associated with the Company’s information technology and ability to maintain and protect personal information; VWE’s ability to make payments on its indebtedness; and those factors discussed in the Company’s most recent Annual Report on Form 10-K and in subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. There may be additional risks including other adjustments that VWE does not presently know or that VWE currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect VWE’s expectations, plans or forecasts of future events and views as of the date and time of this news release. VWE undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.

###

Contacts:

 

Investors

Deborah K. Pawlowski / Patty Yahn-Urlaub

Kei Advisors LLC

dpawlowski@keiadvisors.com / pyahnurlaub@keiadvisors.com

Phone: 716.843.3908

   

Media

Mary Ann Vangrin

MVangrin@vintagewineestates.com

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Document and Entity Information
Feb. 13, 2023
Document And Entity Information [Line Items]  
Amendment Flag false
Entity Central Index Key 0001834045
Document Type 8-K
Document Period End Date Feb. 13, 2023
Entity Registrant Name Vintage Wine Estates, Inc.
Entity Incorporation State Country Code NV
Entity File Number 001-40016
Entity Tax Identification Number 87-1005902
Entity Address, Address Line One 937 Tahoe Boulevard
Entity Address, Address Line Two Suite 210
Entity Address, City or Town Incline Village
Entity Address, State or Province NV
Entity Address, Postal Zip Code 89451
City Area Code (877)
Local Phone Number 289-9463
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Common Stock No Par Value Per Share 2 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common stock, no par value per share
Trading Symbol VWE
Security Exchange Name NASDAQ
Warrants To Purchase Common Stock 1 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Warrants to purchase common stock
Trading Symbol VWEWW
Security Exchange Name NASDAQ
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