Clever Leaves Holdings Inc.: Nasdaq/NYSE listing notice — Clever Leaves FY2022 revenue $17.8M (+16% YoY), net loss $66.2M; gets Nasdaq bid price extension to Sept 2023

Clever Leaves Holdings Inc.

FY2022 revenue $17.8M (+16% YoY); cannabinoid revenue $6.1M (+90% YoY). Net loss $66.2M vs $45.7M in 2021.
Q4 revenue $4.6M (+10% YoY); net loss $28.8M including $23.1M restructuring charge for Portugal wind-down.
Adjusted EBITDA FY2022 improved to $(23.1)M from $(23.7)M; 2023 guidance: revenue $19-22M, adj. EBITDA $(13.6)M to $(10.6)M.
Nasdaq granted additional 180-day compliance period until Sept 25, 2023 to meet $1 bid price; may effect reverse stock split.
Cash and equivalents $12.9M at Dec 31, 2022, down from $37.7M; debt reduced ~94% during 2022.

Key facts

Extracted from this filing and checked against the source text.

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

Clever Leaves Holdings Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

March 29, 2023, the Company received a second notice (the “Second Notice”) from Nasdaq indicating that, while the Company has not regained compliance with the Minimum Bid Price Requirement, the Staff has determined that the Company is eligible for an additional 180 calendar day period, or until September 25, 2023 (the “Second Compliance Period”), to regain compliance. According to the Second Notice, the Staff’s determination was based on (i) the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing o

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Source: SEC EDGAR

accession 0001819615-23-000026

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