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iMedia Brands, Inc. (the "Company" or "iMedia") (NASDAQ:IMBI, IMBIL))))) today announced that the Company received a second notice of non-compliance from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") on June 16, 2023, related to Nasdaq Listing Rule 5250(c)(1) (the "Rule") as a result of its failure to file its Form 10-Q for the period ended April 29, 2023, with the Securities and Exchange Commission (the "SEC").
As previously disclosed, the Company received an initial notice from Nasdaq on May 3, 2023, regarding its non-compliance with the Rule following the Company's delay in the filing of its Annual Report on Form 10-K for the year ended January 28, 2023.
Neither Nasdaq Notice has an immediate effect on the listing or trading of the Company's shares of common stock, though Nasdaq will broadcast an indicator over its market data dissemination network noting the Company's non-compliance. In its most recent Nasdaq Notice, Nasdaq reiterated the Company has until July 3, 2023, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Initial Delinquent Filing, or until October 25, 2023, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
Posted In: IMBI
