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Broadway Financial Corporation Announces Notification from Nasdaq regarding late filing of Form 10-Q
LOS ANGELES, June 2, 2025 /PRNewswire/ -- Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ: BYFC), parent company of City First
About this update from Broadway Financial Corporation
[{"type":"text","content":"LOS ANGELES, June 2, 2025 /PRNewswire/ -- Broadway Financial Corporation (\"Broadway\", \"we\", or the \"Company\") (NASDAQ: BYFC), parent company of City First Bank, National Association, announced today it received a letter from The Nasdaq Stock Market LLC (\"Nasdaq\"), dated May 28, 2025, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) (\"Rule 5250(c)(1)\") for continued listing on The Nasdaq Capital Market because its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (the \"Form 10-Q\") was not filed within the time period prescribed by the Securities and Exchange Commission (\"SEC\") rules. \n\n \n \n \n \n \n \n\n \nNasdaq's notice has no immediate effect on the listing or trading of the Company's shares on the Nasdaq Capital Market, although there can be no assurances that further delays in the filing of the Form 10-Q or the Company's other SEC reports will not have an impact on the listing or trading of the Company's common stock.\nAs previously disclosed on the Company's Form 12b-25 filed with the SEC on May 16, 2025, the Company has been unable to complete and timely file the Form 10-Q because it requires additional time to determine the value of a Securities Purchase Option Agreement affording the Company the right, subject to certain conditions, to repurchase its Series C Preferred Stock issued to the U.S. Treasury under the Emergency Capital Investment Program. In addition, the Company requires additional time to address the fair value measurements disclosure. Further, the Company's independent registered public accounting firm, Crowe LLP, requires additional time to complete its review procedures for the Form 10-Q relating to the Company's disclosure controls and procedures.\nNasdaq has provided the Company 60 calendar days from May 28, 2025, to submit a plan to regain compliance with Rule 5250(c)(1). If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until November 17, 2025, for filing the Form 10-Q to regain compliance.\nThe Company expects to file the Form 10-Q as promptly as reasonably practicable and prior to the 60-day deadline for submitting a compliance plan to Nasdaq.\nAbout Broadway Financial Corporation\nBroadway Financial Corporation conducts its operations through its wholly-owned ...