Broadway Financial Notifies Nasdaq of Bid Price Non-Compliance
Ticker: BYFC · Form: 8-K · Filed: Jan 29, 2024 · CIK: 1001171
Complexity: simple
Sentiment: bearish
Topics: delisting-notice, compliance-issue, stock-price
TL;DR
**BYFC got a delisting warning from Nasdaq for its stock trading below $1.00.**
AI Summary
Broadway Financial Corporation (BYFC) announced on January 26, 2024, that it received a notice from the Nasdaq Capital Market regarding its failure to comply with the minimum bid price requirement. Specifically, BYFC's Class A Common Stock, trading under the symbol BYFC, closed below $1.00 per share for 30 consecutive business days. This matters to investors because if BYFC cannot regain compliance, its stock could be delisted from Nasdaq, potentially reducing liquidity and investor confidence.
Why It Matters
This notice indicates a potential delisting risk for Broadway Financial, which could negatively impact the stock's liquidity and investor perception.
Risk Assessment
Risk Level: medium — The company faces a risk of delisting if it cannot regain compliance with Nasdaq's minimum bid price rule.
Analyst Insight
Investors should monitor BYFC's stock price and any announced plans to regain Nasdaq compliance, as failure to do so could lead to delisting and further share price depreciation.
Key Numbers
- $1.00 — Minimum Bid Price (Nasdaq's required minimum bid price per share)
- 30 — Consecutive Business Days (duration BYFC's stock traded below $1.00)
Key Players & Entities
- Broadway Financial Corporation (company) — registrant
- Nasdaq Capital Market (company) — exchange where BYFC is listed
- $1.00 (dollar_amount) — minimum bid price requirement
- January 26, 2024 (date) — date of earliest event reported
Forward-Looking Statements
- Broadway Financial Corporation will implement a reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. (Broadway Financial Corporation) — medium confidence, target: Within 180 days of January 26, 2024
FAQ
What is the primary reason Broadway Financial Corporation received a notice from Nasdaq?
Broadway Financial Corporation received a notice from the Nasdaq Capital Market because its Class A Common Stock, trading under the symbol BYFC, closed below the minimum bid price of $1.00 per share for 30 consecutive business days, as stated in the filing on January 26, 2024.
What is the trading symbol for Broadway Financial Corporation's Class A Common Stock?
The trading symbol for Broadway Financial Corporation's Class A Common Stock is BYFC, as indicated in the 'Securities registered pursuant to Section 12(b) of the Act' section of the filing.
On what date was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 26, 2024, as specified under 'Date of Report (Date of earliest event reported): January 26, 2024'.
Which exchange is Broadway Financial Corporation's Class A Common Stock registered on?
Broadway Financial Corporation's Class A Common Stock is registered on the Nasdaq Capital Market, as stated in the 'Name of each exchange on which registered' column for BYFC.
What is the par value of Broadway Financial Corporation's Class A Common Stock?
The par value of Broadway Financial Corporation's Class A Common Stock is $0.01 per share, as detailed in the 'Title of each class' section: 'Class A Common Stock, par value $0.01 per share'.
Filing Stats: 653 words · 3 min read · ~2 pages · Grade level 13.7 · Accepted 2024-01-29 15:00:29
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
Filing Documents
- ef20020038_8k.htm (8-K) — 28KB
- 0001140361-24-004238.txt ( ) — 162KB
- byfc-20240126.xsd (EX-101.SCH) — 4KB
- byfc-20240126_lab.xml (EX-101.LAB) — 22KB
- byfc-20240126_pre.xml (EX-101.PRE) — 16KB
- ef20020038_8k_htm.xml (XML) — 4KB
01
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard Transfer of Listing On January 26, 2024, Broadway Financial Corporation (the "Company") received an extension from The Nasdaq Stock Market LLC ("Nasdaq") to May 13, 2024 (the "Extension Deadline") for the Company to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the "Form 10-Q") with the U.S. Securities and Exchange Commission, to regain compliance with Rule 5250(c)(1). The Company anticipates filing the Form 10-Q on or before the Extension Deadline. As previously reported, there is no immediate impact on the Company's listing status on The Nasdaq Capital Market at this time. * * * * * Cautionary Statement Regarding Forward-Looking Information This report includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company's beliefs and expectations relating to the filing of the Form 10-Q . Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual outcomes to differ materially from the outcomes expressed or implied by this report. Such risks include, among others, a material delay in the Company's financial reporting, including the possibility that the ongoing evaluation may identify control deficiencies, misstatements, or other errors in the Company's accounting practices. All such factors are difficult to predict and may be beyond the Company's control. The Company undertakes no obligation and does not intend to update or revise any forward-looking statements contained herein, except as required by law or regulation. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this report
forward-looking statements, which speak only as of the date of this report.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BROADWAY FINANCIAL CORPORATION Date: January 29, 2023 By: /s/ Brenda J. Battey Brenda J. Battey Executive Vice President and Chief Financial Officer