Broadway Financial Corporation Announces Notification From Nasdaq Regarding Delinquent Form 10-Q

Rhea-AI Summary

Broadway Financial Corporation (BYFC) Receives Notice from Nasdaq Regarding Non-Compliance with Listing Rule 5250(c)(1)

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• None.

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• Broadway Financial Corporation has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023, leading to non-compliance with Nasdaq Listing Rule 5250(c)(1).

LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ: BYFC), parent company of City First Bank, National Association, announced today it received a letter from the Nasdaq Stock Market LLC (“Nasdaq”), dated November 16, 2023, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) because Broadway has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”).

Under Nasdaq’s Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter. If Broadway’s plan is accepted, then Nasdaq may grant an exception of up to 180 calendar days from the original due date of the Form 10-Q.

Separately, on November 15, 2023, the Company received a letter from Nasdaq confirming that Broadway had regained compliance with the minimum bid price requirements under Nasdaq Listing Rule 5550(a)(2) for maintaining its listing on The Nasdaq Capital Market.

Additional information about the notification letter from Nasdaq, dated November 16, 2023, can be found in the Company’s Form 8-K filed with the SEC on November 22, 2023, which is available free of charge at the SEC’s website, www.sec.gov.

About Broadway Financial Corporation

Broadway Financial Corporation conducts its operations through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading community-oriented bank in Southern California and in the Washington, D.C. market serving low-to-moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings, and money market accounts, certificates of deposits, and retirement accounts.

Stockholders, analysts, and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010 or contact Investor Relations at the phone number or email address below.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231121431121/en/

Investor Relations

Brenda J. Battey, Chief Financial Officer, (323) 556-3264

Investor.relations@cityfirstbroadway.com

Source: Broadway Financial Corporation

FAQ

What is the ticker symbol of Broadway Financial Corporation?

The ticker symbol of Broadway Financial Corporation is BYFC.

What is the reason for Broadway Financial Corporation's non-compliance with Nasdaq Listing Rule 5250(c)(1)?

Broadway Financial Corporation has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023, leading to non-compliance with Nasdaq Listing Rule 5250(c)(1).

What is the deadline for Broadway Financial Corporation to submit a plan to regain compliance with Nasdaq?

Under Nasdaq’s Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter.

What happens if Broadway Financial Corporation's plan to regain compliance is accepted by Nasdaq?

If Broadway’s plan is accepted, then Nasdaq may grant an exception of up to 180 calendar days from the original due date of the Form 10-Q.

Has Broadway Financial Corporation regained compliance with the minimum bid price requirements under Nasdaq Listing Rule 5550(a)(2)?

Yes, on November 15, 2023, the Company received a letter from Nasdaq confirming that Broadway had regained compliance with the minimum bid price requirements under Nasdaq Listing Rule 5550(a)(2) for maintaining its listing on The Nasdaq Capital Market.