necessary documentation and testing procedures required by Section 404(a) of the Sarbanes-Oxley Act. Ensuring we have adequate internal financial and accounting controls and procedures in place to produce accurate financial statements on a timely basis is a costly and time-consuming effort. Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud. Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is accumulated and communicated to management, recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements or insufficient disclosures due to error or fraud may occur and not be detected. If we are unable to conclude that our disclosure controls or procedures are not effective in the future, investors may lose confidence in the accuracy and completeness of our financial reports, the trading price of our Class A common stock could decline, and we could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities, and face restricted access to the capital markets. Risks Related to Ownership of Our Class A Common Stock The trading price of our Class A common stock may be volatile. The trading prices of the securities of other newly public companies, including companies in the food industry, have historically been volatile. The trading price of our Class A common stock may be volatile and could be subject to wide fluctuations as a result of numerous factors, including: • actual or anticipated fluctuations in our financial condition, operating results, and liquidity; • any guidance we may provide to the public, any changes in this guidance, or our failure to meet this guidance; • announcements of new products by us or our competitors, and competition from new or existing products; • market conditions or trends in the H&W industry, and in the frozen food category in particular; • economic conditions and trends in the geographic locations in which we operate and where our products are sold; • addition or loss of significant customers, co-manufacturers, suppliers or other business partners; • new laws or regulations applicable to our business or products, or changes to the interpretation of existing laws or regulations; • actual or anticipated changes in our growth rate and financial performance relative to our competitors; • announcements of significant acquisitions, strategic partnerships, or joint ventures by us or our competitors; • announcement or expectation of additional financing efforts; • additions or departures of executive officers or other key personnel; • operating results relative to the expectations of securities analysts and other market participants, and the issuance of new or updated research or reports by such parties; 34
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