SPAR Group, Inc. (SGRP): Nasdaq/NYSE listing notice — SPAR Group Q3 rev $67.3M (-3.6%), net income $259k; Nasdaq warns on bid price <$1

SPAR Group, Inc.

Q3 net revenue $67.3M (-3.6% YoY); gross profit $13.4M (19.9% margin vs 18.4% prior year).
Net income attributable to SPAR Group $259k ($0.01 EPS) vs loss of $32k in prior year; non-GAAP net income $570k.
Core merchandising business grew: US +27%, Canada +23%, Mexico +28%, Brazil +10%; APAC and EMEA declined.
Received Nasdaq deficiency letter on Nov 10; bid price below $1 for 30 consecutive days; compliance deadline May 8, 2024.
Robert G. Brown departed board; Peter W. Brown reappointed; annual meeting results ratified all proposals.

item 2.02 item 3.01 item 5.02 item 5.07 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Peter W. Brown

Director

SGRP · SPAR Group, Inc.

Effective: 2023-11-09
Filed: November 14, 2023, 6:59 PM ET

the Board of Directors of SGRP (the "Board") reappointed Mr. Peter W. Brown to the Board

Departed

Robert G. Brown

Director

SGRP · SPAR Group, Inc.

Effective: 2023-11-09
Filed: November 14, 2023, 6:59 PM ET

Mr. Robert G. Brown was not reelected and ceased being a director on the Board pursuant to his non-candidacy, his resignation and retirement letter, and applicable law.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SPAR Group, Inc. reported third quarter ended September 30, 2023 results: revenue $67.3 million, net income $259 thousand, EPS $0.01 per share.

Period: third quarter ended September 30, 2023
Revenue: $67.3 million
Net income: $259 thousand
EPS: $0.01 per share
Result: reported results

Exact text from the filing

remain committed to this work and unlocking the potential of this great company for years to come,” concluded Matacunas. Third Quarter 2023 Financial Results Net revenues were $67.3 million, comprised of $53.8 million from Americas (79.9%), $7.9 million from EMEA (11.7%), and $5.7 million from APAC (8.4%). Total net revenue decreased by 3.6%, down 4.5% on a constant

View on SEC.gov

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.98

SPAR Group, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

November 10, 2023 (the " Nasdaq Bid Price Deficiency Letter "), stating that SGRP has failed to maintain a minimum closing bid price of $1.00 per share for its shares of its Common Stock for the prior 30 consecutive business days preceding its notice (i.e., September 29, 2023, to November 9, 2023) as required by Nasdaq Listing Rule 5550(a)(2) (the " Bid Price Rule "). The Nasdaq Bid Price Deficiency Letter provides that SGRP has until May 8, 2024, as a grace period to regain compliance with the Bid Price Rule by maintaining a closing bid price of $1.00 per share for a minimum of ten consecutiv

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Executive change SEC 8-K Item 5.02 confidence 0.95

Peter W. Brown was appointed as Director at SPAR Group, Inc..

Action: reappointed
Role: Director

Exact text from the filing

the Board of Directors of SGRP (the "Board") reappointed Mr. Peter W. Brown to the Board

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert G. Brown resigned as Director at SPAR Group, Inc..

Action: resigned
Role: Director

Exact text from the filing

Mr. Robert G. Brown was not reelected and ceased being a director on the Board pursuant to his non-candidacy, his resignation and retirement letter, and applicable law.

View on SEC.gov