Broadway Financial Corp. Faces NASDAQ Listing Standards Issue

TL;DR

BYFC got a notice from NASDAQ for failing listing rules, might get delisted.

AI Summary

Broadway Financial Corporation (BYFC) received a notice on April 18, 2024, indicating it failed to meet a continued listing standard for The NASDAQ Capital Market. The company is currently evaluating the notice and will determine the appropriate course of action to regain compliance.

Why It Matters

Failure to meet listing standards could lead to delisting from NASDAQ, impacting the stock's liquidity and investor confidence.

Risk Assessment

Risk Level: medium — The company is at risk of delisting from NASDAQ if it cannot regain compliance with the listing standards.

Key Players & Entities

• Broadway Financial Corporation (company) — Registrant
• NASDAQ Capital Market (company) — Listing Exchange
• April 18, 2024 (date) — Date of Notice

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred

Filing Documents

• ef20027627_8k.htm (8-K) — 28KB
• 0001140361-24-021677.txt ( ) — 161KB
• byfc-20240418.xsd (EX-101.SCH) — 4KB
• byfc-20240418_lab.xml (EX-101.LAB) — 21KB
• byfc-20240418_pre.xml (EX-101.PRE) — 16KB
• ef20027627_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 April 18, 2024, Broadway Financial Corporation (the "Company") received written notice (the "Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that is it not in compliance with the periodic financial reporting requirements set forth in Nasdaq Listing Rule 5250(c)(1) ("Rule 5250(c)(1)") for continued listing on the Nasdaq Capital market because its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "Form 10-K") was not filed within the time period prescribed by Securities and Exchange Commission rules. As previously reported on April 2, 2024, the Company's principal executive officer and principal financial officer need additional time to complete their evaluation of the effectiveness of the Company's disclosure controls and procedures, in connection with the previously disclosed deficiency within the Company's internal control over financial reporting. Previously, Nasdaq granted the Company an exception for filing its delinquent Form 10-Q for the period ended September 30, 2023, until May 13, 2024. As a result of that exception, Nasdaq informed the Company in the Notification Letter that Broadway must file the Form 10-K on or before the same date: May 13, 2024. Furthermore, the Notification Letter requires the Company to submit an update to its original plan to regain compliance with the filing requirement, which was originally submitted to Nasdaq in connection with the delinquent filing of the Form 10-Q for the third quarter of 2023, and to describe progress that the Company has made towards implementing the plan. The Company is in the process of providing an updated plan to Nasdaq, which will describe progress that has been made in that regard, and intends to file both the Form 10-Q for the third quarter of 2023 and the Form 10-K on or before May 13, 2024. Cautionary Statement Regardin

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: April 24, 2024 By: /s/ Brenda J. Battey Brenda J. Battey Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR