– Marking 10 Consecutive Days Above $1 Minimum Bid Price –
MIAMI BEACH, FL / ACCESSWIRE / December 14, 2023 / LQR House Inc. (the “Company” or “LQR House”) (NASDAQ: LQR), a niche ecommerce platform specializing in the spirits and beverage industry, proudly announces that today it received a notice from the Nasdaq Capital Market, LLC (“Nasdaq”) informing the Company that it regained compliance with the bid price requirements under Nasdaq Listing Rules. In its letter Nasdaq also confirmed that LQR House is in compliance with all the applicable listing standards for continued Nasdaq listing.
To meet the requirements outlined in Nasdaq Listing Rule 5550(a)(2), the Company diligently maintained a minimum closing bid price of $1.00 or more for 10 consecutive trading days. This milestone was reached on December 13, 2023, underscoring LQR House’s commitment to sustaining positive market performance.
“I am thrilled to announce that LQR House has successfully navigated and surpassed the minimum bid price requirement set by Nasdaq. This accomplishment is a testament to our resilience and strategic focus,” said Sean Dollinger, CEO of LQR House. “Now, more than ever, the unwavering support of our investors is critical to maintaining this positive momentum into the new year. We acknowledge that recent corporate actions, such as multiple offerings and a reverse split, may have caused concerns among some investors. However, these strategic moves have positioned us with over $8 million in cash on hand, providing the financial strength needed to continue operating and propel LQR House into achieving its goal to become a leading force in the ecommerce sector. As we move forward, we remain committed to monitoring and addressing short selling attacks. It is our mission to overcome these challenges while simultaneously building a thriving and successful business. We appreciate the continued trust and confidence of our investors as we work towards creating sustainable long-term value for all stakeholders.”
LQR House looks forward to building on this positive momentum and anticipates a prosperous future as it continues to innovate within the spirits and beverage ecommerce space.
About LQR House Inc.
LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate the consumer experience. CWSpirits.com stands out as the go-to destination for modern, convenience-oriented shoppers, providing a curated selection of alcohol products delivered to homes across the United States. Beyond its role as an e-commerce leader, LQR House is a marketing agency with a specialized focus on the alcohol industry. The company measures campaign success by directly correlating it with sales on CWSpirits.com, demonstrating a proven return on investment. Backed by an influential network of over 550 figures in the alcohol space, LQR House strategically drives traffic to CWSpirits.com, enhancing brand visibility. LQR House intends to disrupt the traditional landscape of the alcohol industry, driven by its dedication to providing an unparalleled online purchasing experience and delivering tailored marketing solutions.
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement on Form S-1 filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement on Form S-1 and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
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