COSTA MESA, CA / ACCESSWIRE / June 9, 2023 / Charlie's Holdings, Inc. (OTCQB:CHUC) ('Charlie's' or the 'Company'), an industry leader in the premium vapor products space, today announced that Charlie's First Annual Shareholder Meeting will be held on Tuesday, June 13, 2023 at 2:00pm PST at the Mission San Juan Capistrano Hotel in San Juan Capistrano, California. The meeting will be open to shareholders of record as of the close of business on April 17, 2023, to accredited members of the press, and to the public with prior notice to (and approval of) the Company.
Charlie's remains one of a select group of companies that submitted its Pre-Market Tobacco Application ('PMTA') in advance of the September 9, 2020 U.S. Food and Drug Administration ('FDA') deadline. The FDA's Center for Tobacco Products informed the Company that Charlie's 2020 PMTA received a valid Submission Tracking Number ('STN'), passed the FDA's filing review phase, and entered into 'Substantive Review.' Further, to comply with provisions of the March 2022 Omnibus Spending Bill that granted the FDA regulatory control over all nicotine products (tobacco-derived and synthetic), Charlie's once again filed multiple PMTA submissions with the FDA's Center for Tobacco Products - for both the Company's synthetic nicotine e-liquid and disposable products - all prior to the May 14, 2022 FDA deadline.
These initiatives could ultimately represent a considerable competitive advantage for Charlie's because most industry competitors do not have the resources necessary to submit robust PMTAs required for regulatory approval.
However, having invested more than $6MM in what Charlie's believes are some of the strongest FDA PMTAs in the industry for the Company's e-liquid and electronic nicotine delivery system devices, Charlie's has been frustrated by the facts that (i) more than two years after its applications were submitted, its 2020 PMTAs remain in 'substantive review' with the FDA, and (ii) no company in the world, to date, has received an FDA marketing order for a flavored disposable vape product.
Accordingly, in late 2022 Charlie's initiated a plan to dramatically shift its business away from tobacco-based and synthetically-derived nicotine products in favor of nicotine substitute products. Redirecting resources away from the sales of legacy nicotine products in favor of new nicotine substitute technologies has significantly reduced Company revenue in the first half of 2023. However, the Company believes that its transition to the nicotine substitute, Metatine™, in the SPREE BAR™ product line will give Charlie's an extraordinary opportunity to capture significant sales and market share in the vapor products marketplace in 2024 and beyond.
To discuss these issues, at the conclusion of the formal Shareholder Meeting, Charlie's executive leadership team will present details surrounding SPREE BAR™ and the Company's proprietary nicotine substitute, Metatine™. Not subject to FDA tobacco registration requirements, and slated for launch in August 2023, SPREE BAR™ represents the single largest, most important commercial opportunity in Charlie's history. The Company believes the launch and roll-out of SPREE BAR™ will be a pre-cursor to Charlie's up-list to a national securities exchange in 2024.
Meeting reservations for the public, as well as shareholder questions for the Company, must be submitted in advance of the Annual Shareholders Meeting by emailing IR@charliesholdings.com no later than 12:00 pm PST on June 12, 2023.
About Charlie's Holdings, Inc.
Charlie's Holdings, Inc. (OTCQB:CHUC) is an industry leader in the premium vapor products space. The Company's products are sold around the world to select distributors, specialty retailers, and third-party online resellers.
For additional information, please visit Charlie's corporate website at: Chuc.com.
Safe Harbor Statement
This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company's overall business, existing and anticipated markets and expectations regarding future sales and expenses. Words such as 'expect,' 'anticipate,' 'should,' 'believe,' 'target,' 'project,' 'goals,' 'estimate,' 'potential,' 'predict,' 'may,' 'will,' 'could,' 'intend,' variations of these terms or the negative of these terms, and similar expressions, are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ongoing ability to quote its shares on the OTCQB; whether the Company will meet the requirements to up-list to a national securities exchange in the future; the Company's ability to successfully increase sales and enter new markets; whether the Company's PMTA's will be granted marketing orders by the FDA, and the FDA's decisions with respect to the Company's future PMTA submissions; the Company's ability to manufacture and produce products for its customers; the Company's ability to formulate new products; the acceptance of existing and future products; the complexity, expense and time associated with compliance with government rules and regulations affecting nicotine, synthetic nicotine, nicotine substitutes, and products containing cannabinoids; litigation risks from the use of the Company's products; risks of government regulations, including recent regulation of synthetic nicotine; the impact of competitive products; and the Company's ability to maintain and enhance its brands, as well as other risk factors included in the Company's most recent quarterly report on Form 10-Q, annual report on Form 10-K, and other SEC filings. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
SOURCE: Charlie's Holdings, Inc.
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