FLANIGAN'S ENTERPRISES, INC. RECEIVES NYSE NOTICE REGARDING LATE FORM 10-Q FILING

Rhea-AI Summary

Flanigan's Enterprises, Inc. (BDL) announced it received a notice from the NYSE regarding non-compliance with timely filing requirements due to the late submission of its Quarterly Report on Form 10-Q for the quarter ending December 31, 2022. The Company has up to 12 months to regain compliance, with an initial six-month period being automatic. The NYSE notice does not currently affect the trading of the Company's securities, and Flanigan's intends to file the overdue report as soon as possible to meet compliance standards.

Positive

• The NYSE notice does not have immediate effects on the listing or trading of the Company's securities.

Negative

• Failure to file the Form 10-Q on time indicates potential operational or financial management issues.
• The company faces regulatory scrutiny from the NYSE, which could impact investor confidence.

FORT LAUDERDALE, Fla., Feb. 28, 2023 /PRNewswire/ -- Flanigan's Enterprises, Inc. (NYSE American: BDL), owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail package liquor stores (the "Company," "we"), announced today that it received a notice from the New York Stock Exchange ("NYSE") indicating that, because the Company did not timely file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2022 (the "Form 10-Q"), it is not in compliance with the NYSE American's continued listing requirements under the timely filing criteria established in the NYSE American Company Guide. Under Section 1007 of the NYSE American Company Guide, the Company could be granted up to 12 months to cure the late filer delinquency. The initial six-month period to regain compliance is automatic and the additional six months is only granted upon request by the Company and approval by the NYSE. The NYSE notice has no immediate effect on the listing or trading of the Company's securities on the NYSE American. The Company intends to regain compliance with the NYSE listing standards before that date by filing the Form 10-Q with the SEC. The Company will file the Form 10-Q as soon as reasonably practicable.

About Flanigan's Enterprises, Inc.
Flanigan's Enterprises, Inc. owns and operates the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's Liquors" retail package liquor stores. For more information, please visit www.flanigans.net.

Forward-Looking Statements
Certain statements contained herein are not based on historical fact and are "forward-looking statements" within the meaning of applicable securities laws. Generally, these statements can be identified by the use of words such as "guidance," "believes," "estimates," "anticipates," "expects," "on track," "feels," "forecasts," "seeks," "projects," "intends," "plans," "may," "will," "should," "could," "would" and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the Company's forward-looking statements.  The Company assumes no obligation to update any forward-looking statement. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.

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SOURCE FLANIGAN'S ENTERPRISES, INC.

FAQ

What does the NYSE notice mean for Flanigan's Enterprises (BDL)?

The NYSE notice indicates that Flanigan's is currently non-compliant with timely filing requirements but has up to 12 months to rectify this situation.

When does Flanigan's Enterprises need to file its 10-Q report?

Flanigan's Enterprises intends to file its overdue 10-Q report as soon as reasonably practicable to regain compliance.

Has the NYSE notice affected Flanigan's stock trading?

No, the NYSE notice does not have an immediate effect on the listing or trading of Flanigan's securities.

What were the reasons for Flanigan's late 10-Q filing?

The press release does not specify the reasons for the late filing, which may indicate operational or management challenges.