Nicholas Financial Faces Delisting Concerns
Ticker: OMCC · Form: 8-K · Filed: Aug 27, 2024 · CIK: 1000045
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
TL;DR
NICH facing delisting issues, check exchange compliance.
AI Summary
Nicholas Financial, Inc. filed an 8-K on August 27, 2024, reporting an event on August 21, 2024, related to a notice of delisting or failure to satisfy continued listing rules. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates potential issues with Nicholas Financial's compliance with stock exchange listing standards, which could impact its stock trading status.
Risk Assessment
Risk Level: medium — The filing explicitly mentions a notice of delisting or failure to meet listing standards, which is a significant risk for a publicly traded company.
Key Players & Entities
- NICHOLAS FINANCIAL, INC. (company) — Registrant
- August 21, 2024 (date) — Earliest event reported
- August 27, 2024 (date) — Date of report
- Delaware (jurisdiction) — State of incorporation
- Clearwater, Florida (location) — Principal executive offices
FAQ
What specific rule or standard has Nicholas Financial, Inc. failed to satisfy that triggered this notice?
The filing does not specify the exact rule or standard that was not met, only that a notice of delisting or failure to satisfy a continued listing rule or standard was issued.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is August 21, 2024.
What is the primary purpose of this 8-K filing?
The primary purpose is to report a notice of delisting or failure to satisfy a continued listing rule or standard, and to include financial statements and exhibits.
Where are Nicholas Financial, Inc.'s principal executive offices located?
Nicholas Financial, Inc.'s principal executive offices are located at 26133 US Highway 19 North, Suite 300, Clearwater, Florida 33763-2017.
What is the company's fiscal year end?
The company's fiscal year end is March 31.
Filing Stats: 732 words · 3 min read · ~2 pages · Grade level 12.3 · Accepted 2024-08-27 13:37:18
Filing Documents
- nick-20240821.htm (8-K) — 55KB
- nick-ex99_1.htm (EX-99.1) — 16KB
- img246915618_0.jpg (GRAPHIC) — 13KB
- 0000950170-24-100874.txt ( ) — 206KB
- nick-20240821.xsd (EX-101.SCH) — 25KB
- nick-20240821_htm.xml (XML) — 5KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On August 21, 2024 Nicholas Financial, Inc. (the " Company ") received a letter (the "Non-Compliance Letter") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Nasdaq Listing Rule") as a result of its failure to have timely filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "June 2024 10-Q"). The Non-Compliance Letter provides that, under Nasdaq rules, the Company now has 60 calendar days, or until October 21, 2024 to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq's listing requirements. If the Company's plan is accepted, Nasdaq may grant the Company up to 180 days, or until February 18, 2025, for the Company to regain compliance. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel under Nasdaq Listing Rule 5815(a). The Non-Compliance Letter has no immediate effect on the listing of the Company's common stock on the Nasdaq Global Select Market. On August 27, 2024 the Company issued a press release regarding its receipt of the Non-Compliance Letter from Nasdaq. A copy of the press release is attached hereto as Exhibit 99.1. As previously disclosed on Form 12b-25 filed on August 15, 2024, the delayed filing of the Company's Form 10-Q for the quarter ending June 30, 2024 was a result of additional time being required to compile and review information and disclosures in connection with the completion of its acquisition of a majority interest in Amplex Electric, Inc, ("Amplex") which was completed on June 15, 2024. The Company diligently worked to review and finalize the June 2024 10-Q and successfully filed Form 10-Q on August 26, 2024 well within the 60 calendar days referenced above. . On August 27, 20
.0 1 Financial Statements and Exhibits
Item 9 .0 1 Financial Statements and Exhibits ( d) Exhibits Exhibit No. Description 99.1 Press release dated August 27, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNA TURES 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. Nicholas Financial, Inc. Date: August 27, 2024 By: /s/ Mike Rost Mike Rost Chief Executive Officer