Vintage Wine Estates Announces Voluntary Delisting from Toronto Stock Exchange
18 Februar 2022 - 10:45PM
Business Wire
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (TSX: VWE.U
and VWE.WT.U) (“VWE” or the “Company”), one of the fastest-growing
wine producers in the U.S. with an industry-leading
direct-to-customer platform, today announced that it has provided
written notice to the Toronto Stock Exchange (the “TSX”) of its
intent to voluntarily delist its common shares (“Common Shares”)
and common share purchase warrants (“Warrants”) from the TSX.
Accordingly, VWE expects that effective at the close on March 7,
2022, the Common Shares and Warrants will no longer be traded on
the TSX. The Common Shares and Warrants will continue to trade on
the Nasdaq Global Market and the Nasdaq Capital Market,
respectively, under the symbols “VWE” and “VWEWW”.
The Company believes that the trading volume of its Common
Shares and Warrants on the TSX no longer justifies the expense and
administrative efforts associated with maintaining TSX listing,
especially given VWE’s listing on The Nasdaq Stock Market
(“Nasdaq”). The Company’s listing on Nasdaq provides its
stockholders with market liquidity, and the savings in exchange
fees, legal fees, and managerial time and effort to maintain a dual
listing can be redirected into further advancing the business of
the Company.
Pursuant to Section 720(b)(i) of the TSX Company Manual,
stockholder approval is not required with regards to the voluntary
delisting as an alternative market for the shares that will exist
on Nasdaq. Stockholders holding shares in Canadian brokerage
accounts should contact their brokers to confirm how to trade VWE
shares on the Nasdaq.
About Vintage Wine Estates, Inc. Vintage Wine Estates is
a family of wineries and wines whose mission is to produce the
finest quality wines and provide incredible customer experiences
with wineries throughout Napa, Sonoma, California’s Central Coast,
Oregon and Washington state. Since its founding 20 years ago, the
Company has grown to be the 15th largest wine producer in the U.S.
selling more than two million nine-liter equivalent cases annually.
To consistently drive growth, the Company curates, creates,
stewards and markets its many brands and services to customers and
end consumers via a balanced omni-channel strategy encompassing
direct-to-consumer, wholesale and exclusive brand arrangements with
national retailers. While VWE is diverse across price points and
varietals with over 50 brands ranging from $10 to $150 at retail,
its primary focus is on the fastest growing premium segment of the
wine industry with the majority of brands selling in the $10 to $20
price range. The Company regularly posts updates and additional
information at www.vintagewineestates.com.
Forward-Looking Statements Certain statements contained
in this press release are “forward-looking statements” within the
meaning of applicable U.S. and Canadian securities laws.
Forward-looking statements are all statements other than those of
historical fact, and generally may be identified by the use of
words such as “believe,” “estimate,” “project,” “expect,”
“anticipate,” “plan,” “intend,” “foresee,” “should,” “would,”
“could,” “continue,” or other similar expressions that indicate
future events or trends. These forward-looking statements include,
but are not limited to, the planned voluntary delisting of the
Common Shares and the Warrants from the TSX and the anticipated
continued listing of the Common Shares and the Warrants on Nasdaq.
These forward-looking statements are subject to a number of risks
and uncertainties, many of which are beyond the control of VWE.
Actual events and circumstances may differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from the
results expressed or implied by such forward-looking statements
include those discussed in the Company’s Annual Report on Form 10-K
for the year ended June 30, 2021 and other reports filed from time
to time with the SEC. We caution and advise readers not to place
undue reliance on forward-looking statements, which speak only as
of the date hereof. The Company undertakes no obligation to
publicly update or revise any forward-looking statements after the
date they are made, whether as a result of new information, future
events or otherwise, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220218005532/en/
Investors Deborah K. Pawlowski, Kei Advisors LLC
dpawlowski@keiadvisors.com Phone: 716.843.3908 Media Mary
Ann Vangrin MVangrin@vintagewineestates.com
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