The filing for a hearing came one day after the company missed the stock exchange’s original extension of the deadline.
Jamba Inc. is trying not to lose its ability to be traded on the Nasdaq. According to an article in Nation’s Restaurant News, the company is planning to request a Nasdaq panel hearing after being warned that it faces delisting.
The possibility of a delisting came up because the company is “delinquent in filing financial reports since January.” However, Jamba Inc. is claiming that it’s delayed in completing its financial statements because of major changes in its business model and personnel teams, including leadership team members. The company also relocated its corporate office in 2016, which Jamba Inc. says is also impacting its ability to complete its financial statements.
Jamba Inc. filed for a Nasdaq panel hearing one day after the company missed the stock exchange’s original extension of the deadline on September 18. It also said in its filing that the “company fully intends to timely request a hearing before the [Nasdaq] panel to present its plan for regaining compliance.”
To read the original article, click here.