Coffee Holding Co., Inc. Receives Notice from Nasdaq Regarding Delayed Annual Report

Rhea-AI Summary

Coffee Holding Co., Inc. (Nasdaq: JVA) announced receiving a notice from Nasdaq on February 2, 2023, regarding non-compliance with Listing Rule 5250(c)(1) due to the absence of its Annual Report on Form 10-K for the year ending October 31, 2022. The notice does not immediately affect trading, and the company has until April 3, 2023, to submit a plan to regain compliance. If accepted, it may extend the deadline to file the report until July 31, 2023. The company is actively working to finalize and file its Annual Report promptly.

Positive

• The company has 60 days to submit a compliance plan, showing active engagement with Nasdaq.
• If the plan is accepted, the filing deadline for the Annual Report could be extended by 180 days.

Negative

• Non-compliance with Nasdaq's reporting requirements could lead to potential delisting if not resolved.

STATEN ISLAND, New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Coffee Holding Co., Inc. (Nasdaq: JVA) (the “Company”) today announced that it received a notice (the “Notice”) on February 2, 2023 from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company has not yet filed its Annual Report on Form 10-K for the year ended October 31, 2022 (the “Annual Report”) with the Securities and Exchange Commission (the “SEC”).

The Notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. The Notice states that the Company has 60 calendar days from the date of the Notice, or April 3, 2023, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company’s plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Annual Report, or July 31, 2023, to file the Annual Report to regain compliance.

The Company continues to work diligently to finalize its Annual Report and plans to file its Annual Report as promptly as possible to regain compliance with the Listing Rule.

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

About Coffee Holding

Coffee Holding Co., Inc. is a leading integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. Coffee Holding has been a family-operated business for three generations and has remained profitable through varying cycles in the coffee industry and the economy. The Company’s private label and branded coffee products are sold throughout the United States, Canada and abroad to supermarkets, wholesalers, and individually owned and multi-unit retail customers.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words such as “expect,” “will,” “working,” “plan” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s beliefs and expectations relating to the filing of its Annual Report and to the Company’s ability to regain compliance with the Nasdaq Listing Rule. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a material delay in the Company’s financial reporting, including the possibility that the Company will not be able to file its Annual Report within the next several days, the Company’s independent auditor’s ability to finalize its review of the unaudited consolidated financial statements of the Company and the Annual Report in a timely manner, the Company’s ability to respond in a timely and satisfactory manner to the inquiries by Nasdaq, the Company’s ability to regain compliance with the Nasdaq Listing Rule, the Company’s ability to become current with its reports with the SEC and other factors described more fully in the Company’s periodic filings with the SEC. The Company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.

For further information, contact:

Coffee Holding Co., Inc.
Andrew Gordon
President & CEO
(718) 832-0800

FAQ

What is the significance of the notice received by Coffee Holding (JVA) from Nasdaq?

The notice indicates that Coffee Holding is not complying with Nasdaq's reporting requirements due to the missing Annual Report.

What is the deadline for Coffee Holding (JVA) to submit a compliance plan?

Coffee Holding has until April 3, 2023, to submit its compliance plan.

What happens if Coffee Holding's compliance plan is accepted?

If accepted, Coffee Holding may have up to 180 days, until July 31, 2023, to file its Annual Report.

How does non-compliance affect Coffee Holding's stock (JVA)?

While there is no immediate effect on trading, failure to resolve non-compliance may lead to delisting.

What are the potential risks for Coffee Holding (JVA) regarding its Annual Report?

Delays in filing the Annual Report and compliance issues could result in increased scrutiny from regulators and affect investor confidence.