Broadway Financial Faces Nasdaq Delisting Warning
Ticker: BYFC · Form: 8-K · Filed: May 29, 2024 · CIK: 1001171
Sentiment: bearish
Topics: delisting-warning, compliance, stock-price
Related Tickers: BYFC
TL;DR
BYFC got a Nasdaq delisting warning for low stock price, has until Nov 18 to fix it.
AI Summary
Broadway Financial Corporation (BYFC) announced on May 22, 2024, that it received a notice from Nasdaq regarding its failure to meet the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company has 180 calendar days, until November 18, 2024, to regain compliance.
Why It Matters
This delisting warning could impact investor confidence and the liquidity of Broadway Financial's stock, potentially leading to a transfer to a less prestigious exchange or even delisting.
Risk Assessment
Risk Level: medium — The company is at risk of being delisted from Nasdaq if it cannot meet the minimum bid price requirement within the specified timeframe.
Key Numbers
- 180 — Compliance Period (Days to regain minimum bid price)
Key Players & Entities
- Broadway Financial Corporation (company) — Registrant
- BYFC (company) — Ticker Symbol
- Nasdaq (company) — Stock Exchange
- November 18, 2024 (date) — Compliance Deadline
- May 22, 2024 (date) — Notice Date
FAQ
What is the specific reason for Broadway Financial Corporation's notice from Nasdaq?
Broadway Financial Corporation received a notice from Nasdaq for failing to meet the minimum bid price requirement for continued listing on The Nasdaq Capital Market.
What is the deadline for Broadway Financial Corporation to regain compliance with Nasdaq's listing rules?
The company has 180 calendar days from the notice date of May 22, 2024, to regain compliance, making the deadline November 18, 2024.
What is the minimum bid price requirement that Broadway Financial Corporation is currently not meeting?
The filing does not explicitly state the exact minimum bid price requirement, but it indicates that the company's stock price has fallen below it.
What are the potential consequences if Broadway Financial Corporation fails to regain compliance?
If the company fails to regain compliance, its securities may be subject to delisting from The Nasdaq Capital Market.
Has Broadway Financial Corporation provided any specific plan to address the minimum bid price deficiency?
The provided text of the 8-K filing does not detail any specific plan the company intends to implement to regain compliance with the minimum bid price requirement.
Filing Stats: 737 words · 3 min read · ~2 pages · Grade level 13.9 · Accepted 2024-05-29 17:16:05
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
Filing Documents
- ef20030249_8k.htm (8-K) — 31KB
- ef20030249_ex99-1.htm (EX-99.1) — 7KB
- 0001140361-24-027934.txt ( ) — 174KB
- byfc-20240522.xsd (EX-101.SCH) — 4KB
- byfc-20240522_lab.xml (EX-101.LAB) — 21KB
- byfc-20240522_pre.xml (EX-101.PRE) — 16KB
- ef20030249_8k_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard Transfer of Listing On May 22, 2024, Broadway Financial Corporation (the "Company"), received written notice (the "Notification Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that Nasdaq it is not in compliance with the periodic financial reporting requirements set forth in Nasdaq Listing Rule 5250(c)(1) (the "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, 2024 (the "Form 10-Q") was not filed within the time period prescribed by Securities and Exchange Commission rules. The letter was issued because the Company had not filed its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the "Quarterly Report"). Under Nasdaq's Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter. If Broadway's plan is accepted, then Nasdaq can grant an exception of up to 180 calendar days from the date that the Form 10-Q should have been filed, or November 18, 2024. Nasdaq's Listing Rules also require that the Company make a public announcement disclosing receipt of the notification letter by issuing a press release within four business days of the date of that letter On May 24, 2024, the Company filed the Form 10-Q for the period ended March 31, 2024.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure A press release dated May 29, 2024, disclosing the Company's receipt of the Notification Letter referenced above, is attached hereto as Exhibit 99.1. The information furnished in this Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 Press Release dated May 29, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL)
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 By: /s/ Zack Ibrahim Zack Ibrahim Executive Vice President and Chief Financial Officer Date: May 29, 2024