Dive Brief:
- For the second time in less than two years, online pet company Bark has received a notice from the New York Stock Exchange stating that it is no longer in compliance with its continued listing requirements, per a company release.
- The reason for the NYSE notice is that the company’s stock fell below an average closing price of $1.00 per share over a 30-day period that ended July 9. The stock closed at $0.87 at the end of trading on Tuesday.
- The company is considering all available options to regain compliance, including a reverse stock split.
Dive Insight:
Bark has received another warning from the NYSE just 16 months after last regaining compliance.
The company has experienced a number of financial headwinds over the past couple of years. In its most recent earnings report, fourth-quarter revenue decreased 5% to $115.4 million, while revenue for the year was down 1.2% to $484 million and net loss narrowed 11% to $32.9 million. The company is also navigating potential tariff impacts: In June, it said it was considering “modest” price increases for products to offset tariff headwinds.
The company has been looking to expand its offering recently. Last year, the company launched Bark Air, referred to as the first airline specifically designed to accommodate dogs. Initial flights used charter aircraft to fly canines and their owners through regional airports in New York, London and Los Angeles.
The company has also broadened its C-suite, adding a new chief revenue officer and chief marketing officer in 2024. In May of last year, Bark brought back former company executive Meghan Knoll to head up the brand’s DTC business.
