Asta Funding, Inc. Announces Nasdaq Notifications of Delinquency and Regained Compliance
Asta Funding, Inc. (NASDAQ: ASFI) received a notification from Nasdaq on May 27, 2020, regarding a violation of Listing Rule 5250(c)(1) due to its failure to file the Quarterly Report for the period ended March 31, 2020, by the May 15 deadline. The Company explained that delays in data compilation hindered timely submission. Nasdaq allowed Asta until July 27 to submit a compliance plan, with a potential extension until November 16 if accepted. Asta filed the report on May 29, 2020, and regained compliance as confirmed by a Nasdaq close-out letter on June 1, 2020.
- Asta Funding filed its Quarterly Report with the SEC ahead of the compliance deadline, ensuring continued listing on Nasdaq.
- The company received a close-out letter from Nasdaq, confirming that it regained compliance.
- The company initially failed to file its Quarterly Report by the required deadline, indicating potential underlying operational issues.
- There was a risk of delisting from Nasdaq if compliance was not achieved.
ENGLEWOOD CLIFFS, N.J., June 01, 2020 (GLOBE NEWSWIRE) -- On May 27, 2020, Asta Funding, Inc. (NASDAQ: ASFI) (the “Company”) received a letter from the Nasdaq Stock Market (“Nasdaq”) notifying the Company that it had violated Nasdaq Listing Rule 5250(c)(1) because the Company had not yet filed its Quarterly Report on Form 10-Q for the period ended March 31, 2020 (the “Quarterly Report”) with the Securities and Exchange Commission (the “SEC”). As previously disclosed on May 18, 2020 on Form 12b-25, the Quarterly Report could not be filed by its May 15, 2020 deadline without unreasonable effort and expenses due to delays experienced in the collection, compilation and analysis of certain information required to be included in the Quarterly Report.
In its letter, Nasdaq stated that the Company had until July 27, 2020 to submit a plan to regain compliance. If Nasdaq accepted the Company’s plan, it could then grant an exception of up to 180 calendar days from the Quarterly Report’s due date, or until November 16, 2020, to regain compliance. If Nasdaq did not accept the Company’s plan, the Company would have had the opportunity to appeal that decision to a Nasdaq Hearings Panel and to request a further stay pending the appeal. Nasdaq’s letter has had no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Global Select Market.
On May 29, 2020, the Company filed the Quarterly Report with the SEC and subsequently received a close-out letter from Nasdaq on June 1, 2020, which alerted the Company that it had regained compliance under Rule 5250(c)(1).
About Asta
Asta Funding, Inc. (NASDAQ:ASFI), headquartered in Englewood Cliffs, New Jersey, is a diversified financial services company that assists consumers and serves investors through the strategic management of three complementary business segments: consumer receivables, social security disability advocacy and personal injury claims. For more information, please visit http://www.astafunding.com.
For more information:
Seth Berman
General Counsel
(201) 308-9301
sberman@astafunding.com
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