/EIN News/ — SALT LAKE CITY, Sept. 8, 2022 (GLOBE NEWSWIRE) — NewAge, Inc.. (the “Company”) today announced that its common stock has been suspended from trading on the Nasdaq stock market due to its voluntary filing for relief under Chapter 11 of the United States Bankruptcy Code on August 30, 2022 and the Company’s inability to maintain compliance with the listing requirements of the Nasdaq Stock Market. As previously disclosed, the Company does not intend to appeal the suspension and early delisting of its shares from the Nasdaq Stock Market. Effective September 8, 2022, the common shares of the Company are expected to begin trading on the over-the-counter market under the symbol “NBEVQ”. Investors can find information about the OTC market and its different levels at www.otcmarkets.com.
The Company cautions that trading in the Company’s common stock during the pendency of the Chapter 11 matter is highly speculative and involves substantial risks. The trading prices of the Company’s common stock bear little or no relation to the actual recovery, if any, by the holders of the Company’s common stock in the Chapter 11 matter. warrant that its ordinary shares will commence or continue to trade in the over-the-counter market, that brokers will continue to provide public quotations of the Company’s ordinary shares in the over-the-counter market, that the volume of transactions on the ordinary shares of the Company will be sufficient to provide an efficient trading market or whether the quotations of ordinary shares of the Company will continue in the over-the-counter market in the future. The common shares of the Company may be or become illiquid.
About NewAge, Inc.
NewAge is a determined company dedicated to inspiring the planet to live well™. The Utah-based company markets a portfolio of organic and healthy products globally, primarily through a direct-to-consumer (D2C) route to market distribution system in more than 50 countries. The company competes in three major category platforms, including health and wellness, inner and outer beauty, nutritional performance and weight management, through a network of exclusive independent brand partners, equipped with the leading social selling tools and technologies available in the world. For more information about the company, visit NewAgeGroup.com.
This press release contains forward-looking statements based on the beliefs and assumptions of management and on information currently available to the management of the Company. Forward-looking statements include statements relating to the Company’s common stock traded on the OTC market. Forward-looking statements include statements that are not historical facts and can be identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”. of’, ‘may’, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘seek’, ‘should’, ‘shall’, ‘would’ or similar expressions and the negatives of these terms. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements due to certain risks and uncertainties. These risks and uncertainties include, but are not limited to, risks relating to Chapter 11 cases, including the Company’s ability to obtain bankruptcy court approval with respect to petitions in Chapter 11 cases. 11, the effects of Chapter 11 cases on the company, its subsidiaries and on the interests of various constituents, the decisions of the bankruptcy court in Chapter 11 cases and the outcome of Chapter 11 cases generally, the duration during which the Company will operate in connection with Chapter 11 matters, the risks associated with any third party claims in Chapter 11 matters, the potential adverse effects of Chapter 11 matters on the Company’s liquidity or results of operations and increased legal and other professional fees necessary to execute the reorganization of the Company; the conditions to which any debtor in possession financing is subject and the risk that such conditions will not be satisfied for various reasons, including for reasons beyond the control of the Company; the consequences related to the acceleration of the Company’s debts; the trading price and volatility of the Company’s common shares and the ability of the Company’s common shares to remain publicly traded, among other risks and uncertainties, and the factors described in more detail in the Company’s most recent annual report on Form 10-K and other documents filed with the Securities and Exchange Commission (“SEC”), each of which may be viewed on the SEC’s website, www.sec.gov, or in the Investor Relations section investors from the Company’s website, investor.newagegroup.com. Except as required by law, the Company undertakes no obligation to update these forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in these forward-looking statements, even if new information become available in the future. Accordingly, undue reliance should not be placed on forward-looking statements.
Investor and Media Inquiries: