A North Texas company wants back on the New York Stock Exchange.
Grapevine-based Solo Brands — the company behind its namesake outdoor stoves and Chubbies swimwear — has appealed a recent delisting by the staff of the NYSE Regulation, according to a statement.
The stock lost its place on the well-known exchange after it suffered from “abnormally low” price levels. Solo Brands is now being quoted on the OTC Pink Market under “DTCB,” the statement said.
The company, which has enlisted the help of Snoop Dogg to help sell its products, came under pressure as it reported sales declines with particular weakness in Solo Stoves in the fourth quarter amid a lack of significant new product launches. In February, it announced that it had appointed John Larson, a board member, as interim president and CEO effective immediately. Larson succeeded Chris Metz, who had informed directors of his decision to step down.
The company’s stock launched at more than $15 a share in 2021 as the fire stoves gained quick popularity. The price dipped below $1 a share in late January and has since plummeted to around 7 cents a share on Wednesday, according to Yahoo Finance.
Solo’s market capitalization, once more than $1.5 billion, now stands at about $4 million.
Larson said the board and management team engaged in “developing an aggressive turnaround plan for 2025,” according to a statement the following month. In addition, Liz Vanzura, another board member, was appointed as the interim chief marketing officer, it said.
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On April 22, the NYSE notified Solo Brands it had decided to commence proceeding to delist the company’s Class A common stock – and that its trading would be suspended immediately.
“We believe that the current trading price and market capitalization of Solo Brands does not reflect the value of the company,” Larson said in the statement this week. “While there can be no assurance regarding the outcome of the appeal, we remain committed to our efforts to restore compliance with NYSE listing standards as we execute our action plans, which include a reverse stock split.”
In February when it announced the leadership change at the top, the company said its board would find a permanent CEO and that Metz’s departure was not a result of any disagreement with the company.
