Capital City Bank Group, Inc. Receives Notification of Deficiency From NASDAQ Related to Delayed Filing of Quarterly Report on Form 10-Q
Capital City Bank Group (CCBG) announced on May 24, 2024, that it received a notice from Nasdaq on May 21, 2024, regarding a deficiency due to the delayed filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. This delay means CCBG is not in compliance with Nasdaq Listing Rule 5250(c)(1). However, this notice has no immediate effect on the listing or trading of CCBG stock. The company has 60 days from the notice date to submit a compliance plan to Nasdaq and potentially up to 180 days to meet the requirements if the plan is accepted. CCBG aims to file the Form 10-Q within the prescribed timeline to avoid submitting a compliance plan.
- No immediate effect on the listing or trading of CCBG stock.
- Company expects to file the Form 10-Q within the timeline prescribed by Nasdaq, potentially avoiding the need for a compliance plan.
- Non-compliance with Nasdaq Listing Rule 5250(c)(1) due to delayed filing of Quarterly Report on Form 10-Q.
- Company has received a deficiency notice from Nasdaq, indicating potential risks.
- Potential need to submit a compliance plan within 60 days if the filing is delayed further.
- Up to 180 days could be required to regain compliance, depending on Nasdaq's acceptance of the plan.
Insights
This announcement from Capital City Bank Group, Inc. signals a compliance issue with Nasdaq due to a delayed filing of their Quarterly Report on Form 10-Q. This is a significant development as it could impact investor confidence and company valuation in the short term. Timely filing of financial reports is important for transparency and maintaining investor trust. However, the company's assurance that they will file the Form 10-Q promptly and within Nasdaq's prescribed timeline helps mitigate some immediate concerns. If the delay is resolved within the given timeline, it may have a minimal long-term impact. But persistent delays can indicate deeper operational or financial issues, which could affect the company's stock performance. Investors should monitor their progress closely.
Rating: 0
The notice from Nasdaq regarding the delayed 10-Q filing highlights a regulatory compliance issue. Nasdaq Listing Rule 5250(c)(1) mandates timely filings of periodic financial reports. Failure to comply can lead to delisting procedures, though this is a long process. The company has 60 days to submit a compliance plan and potentially up to 180 days to regain compliance. Filing promptly as stated by the company could circumvent further regulatory scrutiny. This situation serves as a reminder of the importance of adhering to regulatory timelines and while the notice itself doesn't immediately affect stock trading, prolonged non-compliance could result in more severe consequences, including possible delisting from Nasdaq if not addressed in a timely manner.
Rating: 0
TALLAHASSEE, Fla., May 24, 2024 (GLOBE NEWSWIRE) -- Capital City Bank Group, Inc. (the “Company”) today announced that it received on May 21, 2024 a notice from the Nasdaq Stock Market LLC (“Nasdaq”) stating that, as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Form 10-Q”), the Company is no longer in compliance with the continued listing requirements of Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).
The notice from Nasdaq has no immediate effect on the listing or trading of our common stock on the Nasdaq Global Select Market. Under Nasdaq’s listing rules, the Company has 60 calendar days from the date of the notice to submit a plan to regain compliance. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the Form 10-Q’s due date to regain compliance. The Company expects to file the Form 10-Q with the SEC within the timeline prescribed by Nasdaq, which would eliminate the need to submit a plan to regain compliance.
The Company intends to file its Form 10-Q as promptly as practicable.
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority) that are based on current plans and expectations that are subject to uncertainties and risks, which could cause our actual results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. We may not actually achieve the plans, carry out the intentions or meet the expectations disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements, due to many factors and assumption, many of which are beyond the Company’s control. Among the factors that could cause the Company’s financial performance to differ materially from that suggested by forward-looking statements include, without limitation, the inability of the Company to file the Form 10-Q on its expected timeline and regain compliance with Nasdaq listing requirements, and the other risks and uncertainties described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and our other filings with the SEC (as amended), which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this press release speak only as of the date of this press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.
For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450
FAQ
What was the reason for the deficiency notice to Capital City Bank Group (CCBG)?
When did Capital City Bank Group (CCBG) receive the deficiency notice from Nasdaq?
How long does Capital City Bank Group (CCBG) have to submit a compliance plan to Nasdaq?
Will the deficiency notice affect the trading of CCBG stock?
What happens if Capital City Bank Group (CCBG) fails to file Form 10-Q within the given timeframe?
What is Nasdaq Listing Rule 5250(c)(1)?
