MamaMancini’s Holdings, Inc. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 10-K

Rhea-AI Summary

MamaMancini's Holdings (NASDAQ: MMMB) has received a notice from Nasdaq for failing to file its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. This non-compliance with Nasdaq Listing Rule 5250(c)(1) does not affect the current trading of its stock. The company had previously submitted a Notification of Late Filing on May 18, 2022, and is currently working on completing the 10-K. The delay arises from transitioning to new accounting software and integrating acquisitions. A compliance plan must be submitted by July 19, 2022.

Positive

• The Company is actively working to file its Form 10-K imminently.

Negative

• Failure to file the Form 10-K on time raises compliance issues with Nasdaq.
• The delay in filing is linked to challenges in accounting software transition and acquisition integration.

EAST RUTHERFORD, NJ, May 26, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB)(the “Company”), a marketer and distributor of specialty pre-prepared all-natural foods today announced that it has received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the "Form 10-K"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC"). The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. 

The Company previously filed a Notification of Late Filing on Form 12b-25, filed with the SEC on May 18, 2022 (the "Notification"), however, it was unable to file the Form 10-K within the timeframe specified by Rule 12b-25. 

The Company's management is working diligently to complete the Form 10-K and intends to file imminently. The delay in filing the Form 10-K is principally attributable to issues related to the Company’s transition to a new accounting and financial reporting software platform and the integration of the acquisition of T&L Creative Salads, Inc. and Olive Branch, LLC which was completed on December 29, 2021.

Under applicable Nasdaq Listing Rules (the “Rules”) for continued listing, the Company is required to submit a plan to regain compliance with the Rules within 60 calendar days from the due date of the Form 10-K (i.e. by July 19, 2022), and if Nasdaq accepts the plan, Nasdaq can grant an exception of up to 180 calendar days (November 14, 2022) to regain compliance.

About MamaMancini’s Holdings, Inc.

MamaMancini's Holdings, Inc. (NASDAQ: MMMB) is a marketer and distributor of specialty pre-prepared, all-natural foods. MamaMancini’s broad product portfolio consists of meatballs, meatloaf, sausages and pasta bowls with beef, turkey, chicken and pork varieties – as well as an assortment of chicken-based dishes, olives, savory products and salads through its T&L Creative Salads and Olive Branch subsidiaries. The Company’s products are sold in over 45,000 locations nationwide, including at regional delis and well-known retailers such as Sam’s Club, ALDI Markets, Schnuck Markets, Whole Foods, Publix, ShopRite, Stop & Shop, Costco and Albertsons – as well as through national distributors such as Sysco and United Natural Foods. The Company also maintains a direct-to-consumer presence on QVC. For more information, please visit www.mamamancinis.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2021 and other filings made by the Company with the Securities and Exchange Commission.

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ Group - MZ North America
(949) 259-4987
MMMB@mzgroup.us 
www.mzgroup.us

FAQ

What was the reason for MamaMancini's Holdings not filing its Form 10-K?

The delay in filing was due to issues related to the transition to new accounting software and the integration of acquisitions.

What are the implications of the notice from Nasdaq for MMMB?

The notice indicates non-compliance with Nasdaq rules, but it does not affect the current trading of MMMB stock.

What steps must MamaMancini's Holdings take following the Nasdaq notice?

The Company must submit a compliance plan to Nasdaq within 60 days, by July 19, 2022.

When did MamaMancini's Holdings announce the late filing?

The late filing was first announced on May 18, 2022.