secwatch.observer — SEC 8-K summary
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Issuer:     Real Good Food Company, Inc. (—)
CIK:        0001871149
Form:       8-K
Filed at:   2024-03-18T23:59:59+00:00
Accession:  0001193125-24-070176
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Real Good Food restates prior financials over $7-12M inventory error; appoints new CEO
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- Restates FY2022 and Q1-Q3 2023 financials; inventory reduced $7-12M, COGS increased.
- Gerard Law departed as CEO effective March 15, 2024; succeeded by Tim Zimmer, former CMO of Smithfield.
- Plans to close City of Industry facility by June 30, 2024; expects significant cost savings with minimal cash outlay.
- Brand consumption up 53% YoY for two months ended Feb 29, 2024; measured channel +96%, unmeasured +23%.
- Refinancing in March 2024 reduced revolver to $25M, liquidity at $10M; monthly cash debt service now $1.0M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1871149/000119312524070176/0001193125-24-070176-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1871149/000119312524070176/d784582d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-070176

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