Ingles Markets Faces Delisting Concerns
Ticker: IMKTA · Form: 8-K · Filed: Dec 26, 2024 · CIK: 50493
Sentiment: bearish
Topics: delisting, listing-standards, compliance
Related Tickers: IMKTA
TL;DR
INGLES MARKETS (IMKTA) might get delisted from Nasdaq - big red flag!
AI Summary
Ingles Markets, Inc. filed an 8-K on December 26, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The filing indicates a potential issue with meeting Nasdaq's continued listing standards, though specific details regarding the rule or the exact nature of the failure are not provided in this excerpt. The report was filed as of December 20, 2024.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to a stock delisting and significantly impact investor confidence and liquidity.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a severe indicator of potential financial instability or governance issues.
Key Players & Entities
- INGLES MARKETS, INCORPORATED (company) — Registrant
- Nasdaq (company) — Stock Exchange
FAQ
What specific continued listing rule has Ingles Markets failed to satisfy?
The provided excerpt of the 8-K filing does not specify which particular continued listing rule Ingles Markets has failed to satisfy.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is December 20, 2024.
What is the standard industrial classification for Ingles Markets?
The standard industrial classification for Ingles Markets is RETAIL-GROCERY STORES [5411].
In which state was Ingles Markets incorporated?
Ingles Markets was incorporated in North Carolina.
What is the IRS Employer Identification Number for Ingles Markets?
The IRS Employer Identification Number for Ingles Markets is 56-0846267.
Filing Stats: 804 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-12-26 16:20:21
Key Financial Figures
- $0.05 — hich registered Class A Common Stock , $0.05 par value per share IMKTA The NASDAQ
Filing Documents
- imkta20241220_8k.htm (8-K) — 33KB
- ex_759958.htm (EX-99.1) — 9KB
- 0001437749-24-038390.txt ( ) — 176KB
- imkta-20241220.xsd (EX-101.SCH) — 3KB
- imkta-20241220_def.xml (EX-101.DEF) — 11KB
- imkta-20241220_lab.xml (EX-101.LAB) — 15KB
- imkta-20241220_pre.xml (EX-101.PRE) — 11KB
- imkta20241220_8k_htm.xml (XML) — 3KB
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 December 20, 2024, Ingles Markets, Incorporated, a North Carolina corporation (the "Company"), received a notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq"), stating that because the Company had not yet filed its Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (the "Annual Report"), the Company was no longer in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Nasdaq Listing Rule"), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The Notice has no immediate effect on the listing of the Company's Class A Common Stock on Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq Listing Rule, the Company's Class A Common Stock will be subject to delisting from Nasdaq. Under Nasdaq rules, the Company has 60 calendar days, or until February 18, 2025, to either file the Annual Report or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule (the "Compliance Plan"). If the Company does not file the Annual Report but submits a Compliance Plan, and Nasdaq accepts the Compliance Plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until June 10, 2025, to file the Annual Report and regain compliance. If Nasdaq does not accept the Compliance Plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The Company intends to file the Annual Report within the 60-day period described above.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On December 26, 2024, the Company issued a press release disclosing its receipt of the Notice reference above. A copy of the press release is attached as Exhibit 99.1 to the Current Report on Form 8-K and is incorporated by reference in this Item 7.01. The information contained in this Item 7.01, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except to the extent expressly stated in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit Number Description 99.1 Press release of Ingles Markets, Incorporated dated December 26, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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. INGLES MARKETS, INCORPORATED (Registrant) Date: December 26, 2024 By: /s/ Patricia E. Jackson Patricia E. Jackson Chief Financial Officer