U.S. Global Investors Receives Expected Nasdaq Notice Regarding Late Filing of Form 10-Q

Rhea-AI Summary

U.S. Global Investors, Inc. (GROW) announced it received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to late filing of financial reports. The notification, dated February 16, 2023, does not result in immediate consequences for the company's common stock on the Nasdaq Capital Market. U.S. Global Investors has until April 17, 2023, to submit a compliance plan to regain adherence to Nasdaq rules. If accepted, the company may receive a 180-day extension, with a final compliance deadline set for August 14, 2023. The firm is working to file its Form 10-Q promptly.

Positive

• The Nasdaq notice does not impact immediate trading or listing status.
• The company has a potential compliance extension of up to 180 days.

Negative

• Non-compliance with Nasdaq Listing Rule could lead to future penalties or delisting.

San Antonio, TX, Feb. 21, 2023 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors, today announces that it received a standard notification letter dated February 16, 2023, (the “Nasdaq notice” or “notice”) from the Nasdaq Listing Qualifications Department of Nasdaq notifying the Company that it is no longer in compliance with Nasdaq Listing Rule 5250 (c)(1), which requires timely filing of all required financial reports with the U. S. Securities and Exchange Commission.

The Nasdaq notice has no immediate impact on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. The notice provides that the Company has until April 17, 2023 (that is, 60 calendar days from the date of the Nasdaq notice) to submit to Nasdaq a plan (the “Compliance Plan”), to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the Compliance Plan, Nasdaq can grant the Company an exception to extend for an additional 180 calendar days from the extended due date of the Form 10-Q filing date, or August 14, 2023, to regain compliance. The Company is working diligently to file its Form 10-Q.

This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.

About U.S. Global Investors, Inc.

The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides investment advisory services to U.S. Global Investors Funds and U.S. Global ETFs.

To sign up for news and research on a variety of asset classes, from gold to airlines to digital assets, please click here.

Follow U.S. Global Investors on Twitter by clicking here.

Subscribe to U.S. Global Investors’ YouTube channel by clicking here.

# # #

FAQ

What did U.S. Global Investors announce on February 21, 2023?

U.S. Global Investors announced receipt of a Nasdaq notification regarding non-compliance with financial reporting rules.

What is the deadline for U.S. Global Investors to submit a compliance plan?

The deadline to submit a compliance plan is April 17, 2023.

How long could U.S. Global Investors have to regain compliance with Nasdaq?

The company could have up to 180 additional days to regain compliance if the plan is accepted.

What could happen if U.S. Global Investors fails to comply with Nasdaq rules?

Failure to comply may result in penalties or potential delisting from Nasdaq.

What is the stock symbol for U.S. Global Investors?

The stock symbol for U.S. Global Investors is GROW.