BurgerFi announced Friday it received a delisting notice from Nasdaq, signaling another obstacle for the better burger brand.

The chain was notified it’s not meeting the minimum stock price requirement of $1 per share. BurgerFi closed Friday at 67 cents per share. It hasn’t been above $1 per share since early December. The company has six months to regain compliance by closing at or above $1 for a minimum of 10 straight days.

For the past several months, the fast casual has worked through a turnaround effort, starting with the hiring of Carl Bachmann as CEO during the summer.

The five key strategic initiatives involve infrastructure, taste and quality, gold standards, brand awareness, and defining the portfolio. In the fall, BurgerFi released its biggest menu upgrade in company history with the launch of wings and salad bowls. The chicken wings were the highest-reviewed new LTO in more than four years. The restaurant also improved its previously poorly rated fries and removed less popular items. When it comes to technology, BurgerFi and Anthony’s are working on enhancing their POS systems. Bachmann said in January that both chains are seeing a decrease in hourly and management turnover, coupled with an increase in satisfaction scores and faster ticket times.

In terms of growth, BurgerFi and Anthony’s opened their first co-branded store last month in Kissimmee, Florida. This unit is part of a three-store franchise agreement with NDM Hospitality. Additionally, BurgerFi opened a location inside a movie theater in Rochester, New York.

But positive results have yet to follow. BurgerFi’s same-store sales dropped 9 percent in Q4 and 7 percent in fiscal 2023. For sister chain Anthony’s Coal Fired Pizza & Wings, comps dropped 3 percent in Q4 and 1 percent in fiscal 2023. As of January 2, there were 108 BurgerFi restaurants (28 corporate and 80 franchised), a net loss of six stores year-over-year.

The brand has traded on the stock market since December 2020, when it went public via a merger with special purpose acquisition company OPES Acquisition Corp. At the time, BurgerFi had approximately 125 locations.

BurgerFi projects positive same-store sales and EBITDA in the second half of 2024. It expects Anthony’s to deliver positive comps throughout the fiscal year and to possibly sign more franchise deals.

Burgers, Fast Casual, Story, BurgerFi