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8-K - CURRENT REPORT - Youngevity International, Inc. | ygyi8k_apr22020.htm |
Exhibit
99.1
Youngevity Receives Notification from Nasdaq Related to Delayed
Annual Report on Form 10-K
SAN DIEGO, Calif. ---April 6, 2020 -
Youngevity International, Inc. (NASDAQ:
YGYI), a leading
multi-channel lifestyle company operating in three distinct
business segments including a commercial coffee enterprise,
commercial hemp enterprise and multi-channel
lifestyle company, today announced that it received a letter from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") indicating that, as a result of Youngevity’s delay
in filing its Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 (the "Form 10-K"), Youngevity is not in
compliance with the timely filing requirement for continued listing
under Nasdaq Listing Rule 5250(c)(1). The notification letter has
no immediate effect on the listing or trading of Youngevity’s
common stock on the Nasdaq Market.
Youngevity filed a Notification of Late Filing on Form 12b-25 on
March 16, 2020, indicating that the filing of the Form 10-K would
be delayed and the company anticipated filing its 10K within the 15
day extension period provided under Rule 12b-25 of the Securities
Exchange Act of 1934, as amended. On March 25, 2020, subsequent to
Youngevity’s March 16th
Notification of Late Filing, the
Securities and Exchange Commission provided extended conditional
exemptions from reporting requirements for Public Companies
affected by Covid 19, but this exemption and relief was not made
available for companies that already had filed a Notification of
Late Filing so Youngevity was not provided the relief provided by
the SEC. On March 31, 2020, Youngevity issued a press release that
advised due the displacement of staff, including substantially all
accounting staff, restrictions imposed by various governments, and
displacement of our auditors’ staff among other areas of
impact, has slowed down the financial reporting and audit process
causing the company to miss the filing date of its
10-K.
Nasdaq has informed Youngevity that it must submit a plan of
compliance (the "Plan") within 60 calendar days of receipt of the
letter addressing how it intends to regain compliance with
Nasdaq’s listing rules and, if Nasdaq accepts the Plan, it
may grant an extension of up to 180 calendar days from the Form
10-K original filing due date to regain compliance.
Youngevity anticipates filing the Form 10K and regaining compliance
prior to the 60-day period described above to submit a
Plan.
Dave Briskie, President and CFO of Youngevity International stated,
“Our team and our auditors are diligently working toward
the completion of our 10-K
Annual Report and in
spite of the challenges presented by Covid-19 we expect to regain
compliance inside of the 60 days afforded by Nasdaq to submit a
plan of compliance. ”
Youngevity International, Inc.
( NASDAQ : YGYI ),
is a multi-channel lifestyle company operating in 3 distinct
business segments including a commercial coffee enterprise, a
commercial hemp enterprise, and a multi-vertical omni direct
selling enterprise. The Company features a multi country selling
network and has assembled a virtual Main Street of products and
services under one corporate entity, YGYI offers products from the
six top selling retail categories: health/nutrition, home/family,
food/beverage (including coffee), spa/beauty, apparel/jewelry, as
well as innovative services. For investor information, please visit
YGYI.com. Be
sure to like us on Facebook and
follow us on Twitter
Safe Harbor Statement
This
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. In some
cases, forward-looking statements can be identified by terminology
such as "may," "should," "potential," "continue," "expects,"
"anticipates," "intends," "plans," "believes," "estimates," and
similar expressions, and includes statements regarding completion
of our 10-K Annual Report and
regaining compliance inside of the 60 days afforded by Nasdaq to
submit a plan of compliance. These forward-looking statements are
based on management's expectations and assumptions as of the date
of this press release and are subject to a number of risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, our ability to our ability to complete of
our 10-K Annual Report, our ability to regain compliance inside of
the 60 days afforded by Nasdaq, our ability to develop and grow our
commercial coffee and hemp segments, our ability to continue our
international growth, our ability to leverage our platform and
global infrastructure to drive organic growth, our ability to
return to profitability, expand our liquidity, and strengthen our
balance sheet, our ability to continue to maintain compliance with
the NASDAQ requirements, the acceptance of the omni-direct approach
by our customers, our ability to expand our distribution, our
ability to add additional products (whether developed internally or
through acquisitions), and the other factors discussed in our
Annual Report on Form 10-K for the year ended December 31, 2018 and
our subsequent filings with the SEC, including subsequent periodic
reports on Forms 10-Q and 8-K. The information in this release is
provided only as of the date of this release, and we undertake no
obligation to update any forward-looking statements contained in
this release on account of new information, future events, or
otherwise, except as required by law.
Contacts:
Youngevity International, Inc.
Dave
Briskie
President
and Chief Financial Officer
1 800
982 3189 X6500
Investor Relations
YGYI
Investor Relations
800.504.8650
investors@ygyi.com
Media Relations
Trendlogic
PR
800.992.6299
contact@trendlogicpr.com