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Nasdaq warns BurgerFi it is out of compliance with the exchange’s rulesNasdaq warns BurgerFi it is out of compliance with the exchange’s rules

Fast-casual burger chain said shares will continue to trade as it makes sure it conforms to new SPAC guidelines

Bret Thorn, Senior Food Editor

April 20, 2021

1 Min Read
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The Nasdaq Stock Market has warned BurgerFi International, Inc., that the fast-casual operator is out of compliance with rules required to be listed on the stock exchange, BurgerFi said Tuesday.

The chain of around 120 units based in Palm Beach, Fla., went public on Nasdaq last December via a special purpose acquisition company, or SPAC, and had scheduled the release of its quarterly and annual earnings on April 14. However it delayed that reporting after the Securities and Exchange Commission on April 12 published new guidelines for warrants issued with SPACs.

BurgerFi said it needed additional time to make sure that its financial statements that would be included in its annual report on form 10-K were in compliance with the new guidelines.

SPACs are a popular new approach to getting access to capital markets. They are formed by investors for the sole purpose of acquiring one or more companies — but usually one — to be traded publicly. They first start trading on a stock exchange and then acquire a company that takes the place of the SPAC on that exchange. Sometimes referred to as a “backdoor listing” because the company avoids making an initial public offering, it is now a trendy approach to going public.

The Nasdaq letter said BurgerFi is required to submit a plan to regain compliance within 60 days of the letter’s date, or June 15, 2021. Although Nasdaq could grant an extension of up to 180 days, BurgerFi said it intended to submit its compliance plan by June 15.

BurgerFi said the company’s shares and warrants would continue to trade under the symbols BFI and BFIW, respectively, in the meantime.

Contact Bret Thorn at [email protected] 

Follow him on Twitter: @foodwriterdiary

About the Author

Bret Thorn

Senior Food Editor, Nation's Restaurant News

Senior Food & Beverage Editor

Bret Thorn is senior food & beverage editor for Nation’s Restaurant News and Restaurant Hospitality for Informa’s Restaurants and Food Group, with responsibility for spotting and reporting on food and beverage trends across the country for both publications as well as guiding overall F&B coverage. 

He is the host of a podcast, In the Kitchen with Bret Thorn, which features interviews with chefs, food & beverage authorities and other experts in foodservice operations.

From 2005 to 2008 he also wrote the Kitchen Dish column for The New York Sun, covering restaurant openings and chefs’ career moves in New York City.

He joined Nation’s Restaurant News in 1999 after spending about five years in Thailand, where he wrote articles about business, banking and finance as well as restaurant reviews and food columns for Manager magazine and Asia Times newspaper. He joined Restaurant Hospitality’s staff in 2016 while retaining his position at NRN. 

A magna cum laude graduate of Tufts University in Medford, Mass., with a bachelor’s degree in history, and a member of Phi Beta Kappa, Thorn also studied traditional French cooking at Le Cordon Bleu Ecole de Cuisine in Paris. He spent his junior year of college in China, studying Chinese language, history and culture for a semester each at Nanjing University and Beijing University. While in Beijing, he also worked for ABC News during the protests and ultimate crackdown in and around Tiananmen Square in 1989.

Thorn’s monthly column in Nation’s Restaurant News won the 2006 Jesse H. Neal National Business Journalism Award for best staff-written editorial or opinion column.

He served as president of the International Foodservice Editorial Council, or IFEC, in 2005.

Thorn wrote the entry on comfort food in the Oxford Encyclopedia of Food and Drink in America, 2nd edition, published in 2012. He also wrote a history of plated desserts for the Oxford Companion to Sugar and Sweets, published in 2015.

He was inducted into the Disciples d’Escoffier in 2014.

A Colorado native originally from Denver, Thorn lives in Brooklyn, N.Y.

Bret Thorn’s areas of expertise include food and beverage trends in restaurants, French cuisine, the cuisines of Asia in general and Thailand in particular, restaurant operations and service trends. 

Bret Thorn’s Experience: 

Nation’s Restaurant News, food & beverage editor, 1999-Present
New York Sun, columnist, 2005-2008 
Asia Times, sub editor, 1995-1997
Manager magazine, senior editor and restaurant critic, 1992-1997
ABC News, runner, May-July, 1989

Education:
Tufts University, BA in history, 1990
Peking University, studied Chinese language, spring, 1989
Nanjing University, studied Chinese language and culture, fall, 1988 
Le Cordon Bleu Ecole de Cuisine, Cértificat Elémentaire, 1986

Email: [email protected]

Social Media:
LinkedIn: https://www.linkedin.com/in/bret-thorn-468b663/
Facebook: https://www.facebook.com/bret.thorn.52
Twitter: @foodwriterdiary
Instagram: @foodwriterdiary

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