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Lee Enterprises Receives Notification from Nasdaq Related to Delayed Quarterly Report on Form 10-Q
DAVENPORT, Iowa, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality,
About this update from Lee Enterprises, Incorporated
[{"type":"text","content":"DAVENPORT, Iowa, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 77 markets, has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of the Company’s continued delay in filing its Annual Report on Form 10-K for the fiscal year ended September 25, 2022 (the “2022 Form 10-K”) and because the Company did not file its Quarterly Report on Form 10-Q for the period ended December 25, 2022 (“2023 Q1 Form 10-Q”), within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The notification has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market. Lee must submit a plan of compliance (the “Plan”) to Nasdaq within 60 days of the extended filing due date of the 2022 Form 10-K, or no later than February 27, 2023, addressing how it intends to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Plan, it may grant an extension of up to 180 days from the original filing due date of the 2022 Form 10-K, or until June 26, 2023, to regain compliance. If the Company fails to regain compliance with the Nasdaq Listing Rule within the time periods described above, the Company's common stock could be subject to delisting from Nasdaq. On December 12, 2022, Lee disclosed that it required additional time to file its fiscal 2022 Form 10-K for the period ended September 25, 2022, and on February 6, 2023, the Company provided an update on the status of filing its Annual Report on Form 10-K on a Current Report on Form 8-K, with additional information on the Company’s evaluation of internal controls over financial reporting and the evaluation of an acquisition-related deferred tax asset that stemmed from a transaction in 2009, and whether this deferred tax asset still has the current balance sheet carrying value or should be written down. Also on February 6, 2023, the Company disclosed that it required additional time to file the 2023 Q1 Form 10-Q. The Company is working diligently to complete all matters pertaining to the 2022 Form 10-K and 2023 Q1 Fo...