8-K: BARK Warrants Delisted by NYSE Amid Low Price Levels

BARK, Inc. announced the New York Stock Exchange will delist its warrants due to abnormally low selling prices, while common stock trading remains unaffected.

Summary

• BARK, Inc. received notice from the New York Stock Exchange (NYSE) on December 15, 2025, that its warrants (ticker symbol BARK-WS) will be delisted.
• The NYSE will immediately suspend trading in the warrants due to abnormally low selling price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual.
• Each warrant is currently exercisable for one share of the company's common stock at an exercise price of $11.50 per share.
• The Company does not intend to appeal the NYSE's determination regarding the delisting.
• Trading in BARK's common stock (ticker symbol BARK) will continue on the NYSE and is unaffected by this action, subject to continued compliance with listing requirements.
• The 2025 Annual Meeting of Stockholders is expected to take place on March 25, 2026.
• The deadline for Rule 14a-8 stockholder proposals for the Annual Meeting is December 29, 2025.
• The deadline for other stockholder proposals, including director nominations, under the company's Amended and Restated Bylaws is also December 29, 2025.

Sentiment

Score: 3

Explanation: The delisting of warrants due to abnormally low selling prices and the immediate suspension of trading is a significant negative event for warrant holders, reflecting a severe lack of market confidence in the warrants' value. While common stock is unaffected, the overall sentiment is negative due to the implications for investor perception and the direct impact on a class of securities.

Positives

• Trading in the company's common stock (BARK) will continue on the NYSE and is unaffected by the warrant delisting.

Negatives

• The NYSE is delisting BARK's warrants due to abnormally low selling price levels.
• Trading in the warrants has been immediately suspended.
• The company does not intend to appeal the NYSE's delisting determination.

Risks

• Warrant holders face a complete loss of liquidity and market for their warrants due to the immediate trading suspension and impending delisting.
• The abnormally low selling price levels of the warrants suggest a lack of market confidence in the warrants' value, potentially indicating that the common stock price is significantly below the $11.50 exercise price.
• The delisting event, while not directly impacting common stock trading, could negatively affect investor perception of the company's overall market standing.

Future Outlook

The 2025 Annual Meeting of Stockholders is expected on March 25, 2026, with specific deadlines for stockholder proposals set for December 29, 2025, to ensure compliance with regulatory requirements given the meeting's timing.

Management Comments

• The Company does not intend to appeal the NYSE determination.

Industry Context

This announcement is specific to BARK, Inc.'s warrants and does not reflect broader industry trends. Delistings due to low selling prices are typically company-specific events, often indicating challenges with a particular security's market valuation or investor interest.

Corporate Governance

Stakeholder Impact

• **Warrant Holders**: Will experience an immediate loss of liquidity and market for their warrants due to the trading suspension and eventual delisting, likely resulting in a significant or total loss of investment value.
• **Common Stock Shareholders**: While common stock trading is unaffected, the delisting of warrants due to low prices could create negative sentiment or raise questions about the company's underlying valuation and future prospects.
• **Company Management**: Must manage the delisting process, communicate transparently with stakeholders, and address any potential negative perceptions arising from the event.

Next Steps

• The NYSE will apply to the Securities and Exchange Commission (SEC) to delist the Warrants upon completion of all applicable procedures.
• BARK, Inc. will provide additional information regarding the Annual Meeting in its proxy statement.
• Stockholders wishing to submit proposals for the Annual Meeting must ensure they are received by the company by December 29, 2025.

Key Dates

Recommendation

The delisting of BARK's warrants by the NYSE due to 'abnormally low selling price levels' and the immediate suspension of trading is a severe negative signal. This indicates a profound lack of market confidence in the warrants' value, likely stemming from the common stock trading significantly below the $11.50 exercise price. For warrant holders, this event represents a near-total loss of liquidity and investment value. While common stock is stated to be unaffected, the underlying conditions that led to the warrants becoming effectively worthless suggest potential fundamental weaknesses or a lack of investor enthusiasm for the company's future. A seasoned investor would interpret this as a significant red flag, prompting a 'sell' recommendation for warrant holders and a cautious 'sell' or 'hold' for common stock, depending on a deeper analysis of the company's core business and financial health, as this event reflects poorly on overall market perception.

Keywords

BARK, NYSE, delisting, warrants, common stock, 8-K, SEC filing, annual meeting, stockholder proposals, corporate governance, BARK-WS