American Rebel Holdings, Inc. Receives NASDAQ Notice
American Rebel Holdings (NASDAQ: AREB) received a delinquency notification from Nasdaq on November 22, 2024, for failing to timely file its Q3 2024 10-Q report. The delay resulted from the dismissal of their independent auditor, BF Borgers CPA PC, who is no longer permitted to practice before the Commission. The company has retained GBQ Partners to complete reaudits for 2022-2023 and review Q3 2024 financials.
While the notice doesn't immediately affect AREB's Nasdaq listing, the company must submit a compliance plan by January 21, 2025. If accepted, Nasdaq may grant an extension until May 19, 2025, to regain compliance.
American Rebel Holdings (NASDAQ: AREB) ha ricevuto una notifica di morosità da Nasdaq il 22 novembre 2024, per non aver presentato in tempo il suo rapporto 10-Q del Q3 2024. Il ritardo è stato causato dal licenziamento del loro revisore indipendente, BF Borgers CPA PC, che non può più esercitare davanti alla Commissione. L'azienda ha assunto GBQ Partners per completare i riesami per il 2022-2023 e per esaminare i bilanci del Q3 2024.
Anche se la notifica non influisce immediatamente sulla quotazione di AREB presso Nasdaq, l'azienda deve presentare un piano di conformità entro il 21 gennaio 2025. Se accettato, Nasdaq potrebbe concedere un'estensione fino al 19 maggio 2025 per ripristinare la conformità.
American Rebel Holdings (NASDAQ: AREB) recibió una notificación de incumplimiento de Nasdaq el 22 de noviembre de 2024, por no haber presentado puntualmente su informe 10-Q del tercer trimestre de 2024. El retraso se debió al despido de su auditor independiente, BF Borgers CPA PC, que ya no puede ejercer ante la Comisión. La empresa ha contratado a GBQ Partners para completar los reauditorías de 2022-2023 y revisar las finanzas del tercer trimestre de 2024.
Si bien la notificación no afecta inmediatamente la cotización de AREB en Nasdaq, la empresa debe presentar un plan de cumplimiento antes del 21 de enero de 2025. Si es aceptado, Nasdaq podría conceder una extensión hasta el 19 de mayo de 2025 para recuperar la conformidad.
American Rebel Holdings (NASDAQ: AREB)는 2024년 11월 22일, 2024년 3분기 10-Q 보고서를 제때 제출하지 않아 Nasdaq으로부터 연체 통지를 받았습니다. 이 지연은 독립 감사인 BF Borgers CPA PC의 해임으로 인해 발생했으며, 이들은 더 이상 위원회 앞에서 활동할 수 없습니다. 회사는 GBQ Partners를 고용하여 2022-2023년 재감사를 완료하고 2024년 3분기 재무 상태를 검토하도록 했습니다.
이 통지가 AREB의 Nasdaq 상장에 즉각적인 영향을 미치지는 않지만, 회사는 2025년 1월 21일까지 준수 계획을 제출해야 합니다. 만약 수락된다면, Nasdaq은 2025년 5월 19일까지 준수를 회복할 수 있도록 연장을 허용할 수 있습니다.
American Rebel Holdings (NASDAQ: AREB) a reçu une notification de défaut de Nasdaq le 22 novembre 2024, pour ne pas avoir soumis en temps voulu son rapport 10-Q du 3ème trimestre 2024. Le retard a été causé par le licenciement de leur auditeur indépendant, BF Borgers CPA PC, qui n'est plus autorisé à exercer devant la Commission. L'entreprise a retenu GBQ Partners pour compléter les réaudits pour 2022-2023 et examiner les finances du 3ème trimestre 2024.
Bien que l'avis n'affecte pas immédiatement la cotation d'AREB sur Nasdaq, l'entreprise doit soumettre un plan de conformité d'ici le 21 janvier 2025. Si accepté, Nasdaq pourrait accorder une prolongation jusqu'au 19 mai 2025 pour retrouver la conformité.
American Rebel Holdings (NASDAQ: AREB) erhielt am 22. November 2024 eine Benachrichtigung über eine Verspätung von Nasdaq, weil das Unternehmen seinen Q3 2024 10-Q-Bericht nicht rechtzeitig eingereicht hat. Die Verzögerung resultierte aus der Entlassung ihres unabhängigen Prüfers, BF Borgers CPA PC, der nicht mehr vor der Kommission tätig sein darf. Das Unternehmen hat GBQ Partners beauftragt, die Nachprüfungen für 2022-2023 durchzuführen und die Finanzzahlen für das dritte Quartal 2024 zu überprüfen.
Obwohl die Mitteilung die Nasdaq-Notierung von AREB nicht sofort betrifft, muss das Unternehmen bis zum 21. Januar 2025 einen Compliance-Plan einreichen. Wenn dieser akzeptiert wird, könnte Nasdaq eine Verlängerung bis zum 19. Mai 2025 gewähren, um die Compliance wiederherzustellen.
- None.
- Received Nasdaq delinquency notice for delayed Q3 2024 filing
- Forced to change auditors and conduct reaudits for 2022-2023
- Risk of potential Nasdaq delisting if compliance isn't achieved by deadline
- Additional expenses and resources required for reaudits and new auditor
Insights
The NASDAQ non-compliance notice over delayed Q3 2024 filing represents a significant regulatory challenge for American Rebel Holdings. The company faces this situation due to the forced change of auditors after BF Borgers CPA PC's SEC practice ban, requiring a complete reaudit of 2022-2023 financials by new auditor GBQ Partners While there's no immediate delisting threat, the company must submit a compliance plan by January 21, 2025, with a potential extension until May 19, 2025. The requirement for reaudits suggests deeper scrutiny of past financial statements, which could reveal previously unknown issues. The extended timeline for resolution creates uncertainty for investors, though the company's proactive approach in engaging a new auditor and commitment to compliance provides some reassurance.
The Notice has no Immediate Effect on the Listing of the Company’s Securities on NASDAQ and the Company Expects to Regain Compliance within the Applicable Deadline.
Nashville, TN, Nov. 27, 2024 (GLOBE NEWSWIRE) -- American Rebel Holdings, Inc. (NASDAQ: AREB) ("American Rebel" or the "Company"), America’s Patriotic Brand (www.americanrebel.com) and the creator of American Rebel Beer (www.americanrebelbeer.com), and manufacturer and marketer of branded safes (www.championsafe.com), personal security and self-defense products and apparel, announced that on November 22, 2024, it received a delinquency notification letter from Nasdaq, which indicated that the Company was not in compliance with Nasdaq Listing Rules as a result of the delayed filing of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2024. Nasdaq Listing Rules require listed companies to timely file all required periodic financial reports with the SEC. This notification has no immediate effect on the listing of the Company’s securities on Nasdaq.
Nasdaq has informed the Company that it must submit a plan to regain compliance with respect to the filing requirement by January 21, 2025. If the plan is accepted, Nasdaq can grant an exception of up to 180 calendar dates from the due date of the delinquent filing, or until May 19, 2025, to regain compliance.
As previously described in the Company’s Form 12b-25, filed with the SEC on November 15, 2024, the Company’s failure to timely file the Q3 2024 10-Q within the prescribed time period as a result of the dismissal of the Registrant’s independent auditor, BF Borgers CPA PC (“Borgers”) because Borgers is no longer permitted to appear or practice before the Commission, and the Registrant retained a new independent auditor, GBQ Partners LLC, who is in process of completing the reaudits of years ended December 31, 2023 and 2022. The Registrant and GBQ needs additional time to complete their review of the Registrant’s financial statements for the quarter ended September 30, 2024. The Company is actively working with its auditors and advisors and intends to file the Form 10-Q as promptly as possible and plans to regain compliance by the applicable deadline.
About American Rebel Holdings, Inc.
American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com www.championsafe.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” "American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued compliance with Nasdaq listing requirements, the ability of the Company to timely file its SEC reports, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.
Company Contact:
info@americanrebel.com
FAQ
Why did American Rebel Holdings (AREB) receive a Nasdaq notice on November 22, 2024?
What is the deadline for AREB to submit a compliance plan to Nasdaq?
Who is American Rebel's new auditor after BF Borgers CPA PC?
