Broadway Financial Corp. (BYFC: Quote), parent company of Broadway Federal Bank, f.s.b. , reported that it has received a letter, dated May 23, 2012, from the Nasdaq Listing Qualifications Department stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company has not yet filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the first quarter of 2012.
The company said it is not able to complete its financial statements as of and for the quarter ended March 31, 2012, and therefore is not able to complete preparation of its first quarter 2012 Form 10-Q, because the Company has not obtained all information needed to comply with the new fair value disclosure requirements.
Under the Listing Rules of the Nasdaq Small-Cap Market, the Company must submit a plan to Nasdaq within 60 calendar days from the date of its receipt of the Nasdaq letter for coming into compliance with Listing Rule 5250(c)(1). If Nasdaq accepts the plan, the Listing Rules further provide that Nasdaq may grant an exception to the Company of up to 180 calendar days from the original due date of the Company's Form 10-Q, or until November 19, 2012, to regain compliance with Listing Rule 5250(c)(1). The Company expects to file its first quarter 2012 Form 10-Q by May 31, 2012.
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by RTT Staff Writer
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