BM Technologies Receives Notice from NYSE American
BM Technologies, Inc. (BMTX) announced it expects to complete its 10-K filing early this week after receiving notice from NYSE Regulation regarding non-compliance with listing standards due to delays in submitting its Annual Report. The company has a six-month period, until September 30, 2022, to file its report to regain compliance. The 10-K will include restatements of previously issued financial statements, though it states these corrections won't affect reported revenues or key financial metrics.
- Company plans to file 10-K early, demonstrating proactive compliance effort.
- No impact on previously reported revenues or financial metrics from restatements.
- Received notice of non-compliance from NYSE, indicating regulatory risk.
- Repeated delays in filing the 10-K may raise concerns among investors.
Company Expects to Complete its 10-K Filing Early this Week
Radnor, PA, April 25, 2022 (GLOBE NEWSWIRE) -- RADNOR, PA, April 25, 2022 – BM Technologies, Inc. (NYSE American: BMTX) (the “Company”), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, received notice on April 18, 2022 from NYSE Regulation stating that the Company is not in compliance with the continued listing standards of the NYSE American LLC (the “Exchange”) under the timely filing criteria set forth in Section 1007 of the NYSE American Company Guide (the “Company Guide”). The non-compliance results from the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”) (the “Filing Deficiency”).
In accordance with Section 1007 of the Company Guide, the Company will have six months from the date of the Filing Delinquency, or until September 30, 2022 (the "Initial Cure Period"), to file the Form 10-K with the SEC. If the Company fails to file the Form 10-K during the Initial Cure Period, the Exchange may, in its sole discretion, provide an additional six-month cure period (the "Additional Cure Period"). The Company can regain compliance with the Exchange’s continued listing standards at any time during the Initial Cure Period or Additional Cure Period, as applicable, by filing the Form 10-K and any subsequent delayed filings with the SEC. The Company intends to file the Form 10-K as soon as practicable, and currently expects to file the Form 10-K early this week.
During the Initial Cure Period and the Additional Cure Period, if applicable, the Company’s securities will continue to trade on the Exchange, subject to the Company’s compliance with other continued listing requirements, with a late filer (".LF") indicator.
The Form 10-K was originally due to be filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as extended through April 15, 2022 as a result of the filed a Notification of Late Filing on Form 12b-25 (the “Original Form 12b-25”) with the SEC. The Original Form 12b-25 stated that it was unable to file the Form 10-K by the original due date without unreasonable effort or expense because it required additional time to finalize its financial statements to be included in the Form 10-K. However, the Form 10-K was not filed on April 15, 2022 and, on April 19, 2022, the Company filed an amended Notification of Late Filing on Form 12b-25, which stated that, because of further delays and additional matters that had come to the attention of the Company, the Company had been unable to file the Form 10-K prior to the end of the 15-day extension period.
As previously reported, the Form 10-K, when filed this week, will include a restatement of the Company’s previously issued consolidated financial statements for the periods ended December 31, 2020, March 31, 2021, June 30, 2021, and September 30, 2021.
Except for timing differences, these corrections will have no effect on the Company’s previously reported revenues, Core EBITDA, total cash balance, total equity, net working capital, net cash flows from operating activities, investing activities, or financing activities. Similarly, these corrections have no impact on the Company’s operations or its underlying business fundamentals.
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX)—formerly known as BankMobile—is among the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. The BM Technologies (BMTX) digital banking platform employs a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners, and business. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 750 college and university campuses (covering one out of every three college students in the U.S.). BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can also be found at www.bmtx.com.
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