Fantastic news here for you!
Polished.com Regains Compliance with NYSE American Continued Listing Standards
BROOKLYN, N.Y.--(BUSINESS WIRE)-- Polished.com Inc. (NYSE American: POL) (“Polished” or the “Company”) today announced that it has received a notification letter from the New York Stock Exchange (“NYSE”) that it has officially regained compliance with the NYSE American’s continued listing standards.
With the Company’s July 31, 2023 filing of a comprehensive Form 10-K for the fiscal year ended December 31, 2022, which also covered delayed filings for the quarters ended June 30, 2022, September 30, 2022 and March 31, 2023, and restated filing for the quarter ended March 31, 2022, Polished is now in compliance with Section 1007 of the NYSE American Company Guide. The Company will be removed from the late filers’ list disseminated by the NYSE American, will retain its listing status and will continue to be traded on that exchange.
Polished is raising the bar, delivering a world-class, white-glove shopping experience for home appliances. From the best product selections from top brands to exceptional customer service, we are simplifying the purchasing process and empowering consumers as we provide a polished experience, from inspiration to installation. A product expert helps customers get inspired and imagine the space they want, then shares fresh ideas, unbiased recommendations and excellent deals to suit the project's budget and style. The goal is peace of mind when it comes to new appliances. Polished perks include its "Love-It-Or-Return-It" 30-day policy, extended warranties, the ability to arrange for delivery and installation at your convenience and other special offers. Learn more at www.Polished.com.
WSJ mentions Goedeker accounting.
"Online appliance and furniture retailer 1847 Goedeker Inc. fired its auditor Sadler Gibb & Associates LLC in December 2020, close to the end of its financial year. The company said there were no disagreements with the auditor.
In March, the St. Charles, Mo.-based company announced a restatement. The accounting do-over, affecting expenses for sales taxes on online sales, more than doubled the company’s reported net loss for 2019 from $2.1 million to $5.2 million."
Has POL gotten a new CPA firm yet? I see the old firm resigned on Dec 20, 22. No wonder shares keep plummeting.
New CPAs likely forcing tons of impairments
"Net loss for the year was $126 million, or $1.18 per diluted common share, compared to a net loss of $7.6 million, or $0.12 per diluted common share, in the prior year. This was largely driven by factors that include an impairment charge of $109.1 million"
Numbers are simply terrible with dreadful prospects
"Polished.com Announces Filing of Restated and Delayed Financial Statements and Release of Results for Q1 2023"
"The process of filing amended and delayed financial statements was extensive because it entailed onboarding a new audit firm and the auditing of the previously filed financial reports since the Company’s merger and initial public offering ("IPO") in 2021. The audit resulted in a restatement of the Fiscal Year 2021 and first quarter of Fiscal Year 2022 results, as well as a reevaluation of the Company’s goodwill associated with the IPO."
sorry for your loss
Actually about the worst stock I've ever seen. I've called it since its first day. I'm eager to see who they get to audit their books. Perhaps no one.
Oct 14: "Amid investigation, Polished punts top three executives"
NEW YORK — Polished, the appliance retailer formerly known as the Ballwin-based Goedeker’s, has forced out its top three executives.
Gone are the former chief executive officer Albert Fouerti, the former vice president Elie Fouerti and the chief financial officer Maria Johnson. All three resigned Friday, effective immediately. Albert Fouerti remains on the company’s board of directors."
Interim this. Interim that. LOLOL! This isn't good: "Polished.com Announces Management Transition."
Appoints Rick Bunka, Who Possesses Extensive Retail and E-Commerce Experience, as Interim CEO, and Bob Barry, Who Brings Institutional Knowledge and Strong Finance Expertise, as Interim CFO.
In connection with the appointments, the Company also announced that it has accepted the resignations of Albert Fouerti, Maria Johnson and Elie Fouerti, effective immediately. Albert Fouerti remains a member of the Company’s Board of Directors (the "Board").
"Polished announced on August 15, 2022 that it filed a Form 12b-25 with the U.S. Securities and Exchange Commission ("SEC") due to its inability to file its Form 10-Q for its second quarter of fiscal year 2022, which ended June 30, 2022. As noted in the Form 12b-25, the Board’s Audit Committee, with the assistance of independent legal counsel and consultants, is carrying out an internal investigation regarding certain allegations made by certain former employees related to the Company’s business operations. The Company continues to expect to complete the investigation in the coming months. "
Off 70.2% YTD!!!!!!!!!!!!!!!!!!!!!!!!!!
From viewing multiple boards, not just IHUB, *nobody* cares anymore about this rubbish stock. I'm just sticking around for any possible restatements, Impairments and such. As a longtime student of accounting I "collect" atrocious filings.
If someone actually cares... it certainly isn't me!
Plenty of class action law firms watching this. Plenty.
So call them up and complain...
They are the only ones that might care!
Hilarious. The name change was planned many months ago. I've run websites. Switching out one name for another should take minutes. Why no explanation on the site of why "pretty much nothing works."
"1847 Goedeker (NYSE:GOED) will begin operating under the new parent brand name of "Polished" and trade under a new ticker symbol "POL", effective on or about July 22, 2022."
The whole website is under construction after the name change, and pretty much nothing works...
Thanks... it is so difficult to look 6 inches to the right on the screen to get the same info!
Remarkably crappy POL is off another 3.5%. As I often say I collect the planet's most atrocious stocks.. for entertainment purposes only. Never buy them.
I saw it... and yawned...
"NT 10-Q 1 ea164372-nt10q_polished.htm NOTIFICATION OF LATE FILING (and more)"
regarding certain allegations made by certain former employees related to the Company’s business operations. The investigation is ongoing,..."
I have no respect for ambulance chasers...
They rarely care if their claims are valid, they just want a settlement!
Google "Goedeker's" or "Polished" and "class action"
$POL: What the hell....... $153Milly Q1-2022 SALES ??????
INVESTOR DECK Q1-2022
Are you kidding me ???????????????????
And a partnership with the Property Brothers on HGTV ?????
1847 Goedeker Inc., GOED, changed to Polished.com Inc., POL:
1847 Holdings LLC, EFSH:
On April 5, 2019, our subsidiary 1847 Goedeker Inc., or 1847 Goedeker, acquired substantially all of the assets of Goedeker Television Co., or Goedeker Television, a one-stop e-commerce destination for home furnishings, including appliances, furniture, home goods and related products. On October 23, 2020, we distributed all of the shares of 1847 Goedeker that we held to our shareholders, so we no longer own 1847 Goedeker.
1847 Goedeker Announces Plan to Re-Brand as Polished and Shift to “House of Brands” Model
Company’s “House of Brands” to Feature Polished While Still Including Appliances Connection and Goedeker’s
Shift Will Position Polished to Capture Significant B2C and B2B Market Share While Enabling Legacy Brands to Maintain Loyal Customers
1847 Goedeker Inc. (NYSE American: GOED) ("Goedeker" or the "Company"), a content driven and technology enabled shopping destination for appliances, furniture and home goods in the U.S. household appliances market, today announced that it will soon begin operating under the new parent brand name of Polished and have a new ticker (NYSE American: POL), which is expected to become effective on or about July 22, 2022. The Company’s warrants will trade under the symbol POL WS. In addition, the Company announced it will be shifting to a “house of brands” that continues to utilize the Appliances Connection and Goedeker’s banners preferred by certain legacy customers. This shift represents a significant step in the Company’s rebranding process and reflects leadership’s commitment to becoming the ecommerce leader in household appliances.
The Company plans to formally launch the Polished brand, which will provide customers with a new shopping experience, and its digital assets before the end of 2022. The Company expects that the Polished brand will be the primary banner in the Company’s “house of brands” model and that the Polished banner will be a significant driver of sales over the next 12-18 months. The shift to a “house of brands” model will enable consumers, designers and builders to have greater access to more selection, better price points and personalized assistance.
Albert Fouerti, Chief Executive Officer of Goedeker, commented:
“We are thrilled to be rebranding as Polished, a ‘house of brands’ that will also include the legacy Appliances Connection and Goedeker’s banners. Additionally, we look forward to rolling out the Polished brand, a new shopping experience, in select markets over the coming months. Throughout our rebranding process, we have heard feedback from customers regarding their journey from inspiration to installation. It is our mission to reduce their pain points and deliver assurance and enjoyment throughout every step of their shopping journey. Operating under a ‘house of brands’ will enable us to drive more value for more customers by providing a personalized appliance shopping experience from initial search through delivery and installation. We believe this rebrand is another major step in our transformational journey toward our goal of increased market share and $1 billion in targeted annual sales.”
Well stated, SB.
1847 Goedeker Inc.
1847 Goedeker Inc. is an industry leading e-commerce destination for appliances, furniture, and home goods. Through its June 2021 acquisition of Appliances Connection, Goedekers created the largest pure-play online retailer of household appliances in the US. With warehouse fulfilment centers in the Northeast and Midwest, as well as showrooms in Brooklyn, New York, and St. Louis, Missouri, Goedekers is a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. Goedekers and Appliances Connection carry many household name-brands, including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also carries many major luxury appliance brands such as Miele, Thermador, La Cornue, Dacor, Ilve, Wolf, Jenn-Air, Viking among others and sells furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients. Learn more at www.Goedekers.com.
We are offering 91,111,111 units, each unit consisting of one share of our common stock, par value $0.0001 per share, and a warrant to purchase one share of common stock, in connection with our simultaneous acquisition of all of the issued and outstanding capital stock or other equity securities of 1 Stop Electronics Center, Inc., Gold Coast Appliances, Inc., Superior Deals Inc., Joe’s Appliances LLC and YF Logistics LLC (commonly known as Appliances Connection) as described in more detail in this prospectus. The warrants included within the units are exercisable immediately, have an exercise price of $2.25 per share and expire five years from the date of issuance. The shares of common stock and warrants contained in the units are immediately separable and will be issued separately.
Our common stock is listed and traded on NYSE American under the symbol “GOED.” On May 27, 2021, the last reported sale price for our common stock was $6.07 per share. The warrants have been approved for trading on NYSE American under the symbol “GOED WS” and will commence trading on May 28, 2021. In connection with this offering, we have applied for the listing of our common stock and warrants on the New York Stock Exchange, or the NYSE, however, we do not currently meet the minimum share price requirements of the NYSE and will not be able to list our common stock and warrants on the NYSE unless we meet such minimum share price and other listing requirements of the NYSE.
We are an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended, and are subject to reduced public company reporting requirements.
Investing in our securities involves risks that are described in the “Risk Factors” section beginning on page 25 of this prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Public offering price
Underwriting discounts and commissions(1)
Proceeds, before expenses, to us
(1) See “Underwriting” beginning on page 124 for additional information regarding underwriting compensation.