XCel Brands, Inc. (XELB): Nasdaq/NYSE listing notice — Xcel Brands reports FY2023 net loss $21.1M, receives Nasdaq bid price deficiency notice

XCel Brands, Inc.

GAAP net loss $21.1M for FY2023 vs $4.0M prior year (included $20.6M gain on Isaac Mizrahi sale).
Q4 net revenue $2.3M, down 44% YoY; Adjusted EBITDA improved to -$1.2M from -$5.9M.
Received Nasdaq deficiency letter for bid price below $1.00; 180-day cure period until Oct 14, 2024.
Restructuring complete: reduced salaries/opex by $14M, entered new licensing for Halston, Judith Ripka, etc.
Closed $5M term loan in Q4 2023; cash $3.0M, equity $48M at year-end.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

XCel Brands, Inc. reported fiscal year ended December 31, 2023 results: revenue $17.8 million, net income $21.1 million, EPS ($1.07) per share.

Period: fiscal year ended December 31, 2023
Revenue: $17.8 million
Net income: $21.1 million
EPS: ($1.07) per share
Result: reported results

Exact text from the filing

into the new long-term license agreements for our Halston, Judith Ripka, C Wonder and Longaberger brands. Full Year 2023 Financial Results Net revenue for the current year was $17.8 million, representing a decrease of approximately $8.0 million (45%) from the prior year. The year-over-year revenue decline from the prior year was driven by a $5.6 million decrease in

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

XCel Brands, Inc. reported fourth quarter ended December 31, 2023 results: revenue $2.3 million, net income $6.8 million, EPS ($0.34) per share.

Period: fourth quarter ended December 31, 2023
Revenue: $2.3 million
Net income: $6.8 million
EPS: ($0.34) per share
Result: reported results

Exact text from the filing

Net revenue for the fourth quarter of 2023 was $2.3 million, representing a decrease of approximately $1.8 million (-44%) from the fourth quarter of 2022.

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

XCel Brands, Inc. received a nasdaq noncompliance notice notice regarding minimum bid price (rules 5810(c)(3)(A), 5810(c)(3)(A)(ii)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: minimum bid price
Rules: 5810(c)(3)(A), 5810(c)(3)(A)(ii)

Exact text from the filing

April 16, 2024, Xcel Brands, Inc. (the “Company”), received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that the minimum bid price per share for its common stock fell below $1.00 for a period of 30 consecutive business days. Therefore, the Company did not meet the minimum bid price requirement set forth in the Nasdaq Listing Rules. The letters also state that pursuant to Nasdaq Listing Rules 5810(c)(3)(A), the Company will be provided 180 calendar days to regain compliance with the minimum bid price requirement, or until Oct

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XCel Brands, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-005378

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