DALLAS, Nov. 29, 2016 /PRNewswire/ -- On November 22, 2016, JRjr33, Inc. (the "Company"),
doing business as JRJR Networks [NYSE MKT: JRJR] received a
letter from NYSE MKT LLC (the "Exchange") notifying the Company
that it remains noncompliant with the listing standards pertaining
to the timing of SEC filings, as set forth in Sections 134 and 1101
of the NYSE MKT Company Guide (the "Company Guide"), because of
its failure to timely file its Quarterly Report on Form 10-Q
for the period ended September 30,
2016 (the "September Form 10-Q") with the SEC.
As previously reported, the Company received a letter from the
Exchange on each of May 23, 2016 and
August 23, 2016, notifying the
Company that it was not in compliance with the Company Guide as a
result of its failure to timely file its Quarterly Report on Form
10-Q for the periods ended March 31,
2016 and June 30, 2016,
respectively with the SEC. The Quarterly Report on Form 10-Q
for the quarter ended March 31, 2016
was filed with the SEC on August 23,
2016. As previously reported, the Exchange accepted a plan
(the "Plan") of compliance on July 8,
2016 for continued listing on the Exchange and on
October 14, 2016 the Exchange
notified the Company that it had revised the plan period to be no
later than December 30, 2016.
Due to the similar nature of its deficiencies (i.e., the failure to
timely file the Forms 10-Qs), the Company is not required to submit
an additional plan of compliance in connection with the failure to
timely file the Form 10-Q for the period ended September 30, 2016. However, the Company
may elect to supplement the Plan if it chooses. The period in
which the Company must address how it intends to regain compliance
with the Company Guide is December 30,
2016 for both deficiencies.
The Company can regain compliance with the NYSE listing
standards before December 30, 2016 by
filing both Forms 10-Q prior to that date. If the Company fails to
file the Forms 10-Q by December 30,
2016, the NYSE may grant, at its sole discretion, an
extension of up to six additional months for the Company to regain
compliance, depending on the specific circumstances. The letter
from the NYSE also notes that if the Company is not in compliance
with all of the Exchange's continued listing standards within the
respective timeframes provided or does not make progress consistent
with the Plan during the Revised Plan Period, the Exchange staff
will initiate delisting proceedings as appropriate. The
Company may appeal a staff determination to initiate delisting
proceedings in accordance with Section 1010 and Part 12 of the
Company Guide.
The Company primarily attributes the delay in filing the Forms
10-Q for both periods ended June 30,
2016 and September 30, 2016 to
the additional time needed by it to complete the audit of the
financial statements included in the Company's Annual Report on
Form 10-K for the year ended December 31,
2015 (the "Form 10-K"). The Company intends to file
the Form 10-Q for the period ended June 30,
2016 as soon as reasonably practicable. The Company also
intends to complete preparation and file the Form 10-Q for the
period ended September 30, 2016 as
soon as reasonably practicable after filing the Form 10-Q for the
period ended June 30, 2016.
The Company is working diligently to prepare the Form 10-Q
for June 30, 2016 and provide its
independent auditors with the necessary information to complete
their review. The Company has no disagreements with its
auditors and expects and intends to complete the separate filings
of the Form 10-Q for June 30, 2016
and September 30, 2016 at the
earliest possible dates, which the Company fully expects to be in
advance of the period allowed by the NYSE.
Until the Company files both Forms 10-Q, the Company's common
stock will remain listed on the NYSE under the symbol "JRJR," but
will be assigned a late filer ("LF") indicator to signify late
filing status and the Company will be posted to the late filers
list on the Listing Standards Filing Status page on the NYSE
website.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical
fact contained in this press release are forward-looking
statements. In some cases forward-looking statements can be
identified by terminology such as "anticipate," "believe," "can,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," or "will" or the
negative of these terms or other comparable terminology and include
statements regarding the expected timing of the filings of the Form
10-Q for the period ended June 30,
2016 and the Form 10-Q for the period ended September 30, 2016. These
forward-looking statements are based on management's expectations
and assumptions as of the date of this press release and are
subject to a number of risks and uncertainties, many of which are
difficult to predict that could cause actual results to differ
materially from current expectations and assumptions from those set
forth or implied by any forward-looking statements. Important
factors that could cause actual results to differ materially from
current expectations include, among others, our ability
to expand leadership activities in support of our sales, our
ability to continue to grow, and the other risks outlined under
"Risk Factors" in our Annual Report on Form 10-K for our fiscal
year ended December 31, 2015
and our other filings with the SEC, including subsequent
reports on Forms 10-Q and 8-K. The information in this release is
provided only as of the date of this release, and we undertake no
obligation to update any forward-looking statements contained in
this release on account of new information, future events, or
otherwise, except as required by law.
Contact: Tucker Gagen
tucker.gagen@jrjrnetworks.com
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SOURCE JRJR Networks