Broadway Financial Corporation Announces Notification From Nasdaq Regarding Delinquent Form 10-Q
Portfolio Pulse from Benzinga Newsdesk
Broadway Financial Corporation (NASDAQ:BYFC), the parent company of City First Bank, has received a notification from Nasdaq for not filing its Form 10-Q for Q3 2023, violating Nasdaq Listing Rule 5250(c)(1). The company must submit a compliance plan within 60 days and may be granted up to 180 days to rectify the issue. However, Broadway has regained compliance with Nasdaq's minimum bid price requirement.
November 22, 2023 | 5:33 pm
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NEGATIVE IMPACT
Broadway Financial Corporation has been notified by Nasdaq of non-compliance due to a delayed Q3 report filing, but has regained compliance with minimum bid price requirements.
The non-compliance notice for the delayed filing of the Form 10-Q may negatively impact investor confidence and the stock price in the short term. However, the fact that Broadway has regained compliance with the minimum bid price requirement may mitigate some negative sentiment. The overall impact is likely negative due to the uncertainty surrounding the company's ability to meet regulatory requirements and the potential consequences of not regaining compliance.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100