Jamba, Inc. Announces Receipt of Expected Letter from Nasdaq
May 19 2017 - 4:05PM
Business Wire
Jamba, Inc. (Nasdaq:JMBA) (“Jamba” or the “Company”) today
announced that as expected, on May 16, 2017 it received a standard
notification letter from Nasdaq stating that because the Company
has not yet filed its Form 10-K for the year ended January 3, 2017
(the “Form 10-K”) and its Form 10-Q for the period ended April 4,
2017 (the “Form 10-Q”), the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1), which requires timely filing of
periodic reports with the Securities and Exchange Commission.
As previously disclosed, Nasdaq provided the Company until May
22, 2017 to submit a plan to regain compliance and, if Nasdaq
accepts the Company's plan, Nasdaq can grant the Company an
additional compliance period until September 18, 2017 to regain
compliance. The Company will submit the required plan of
compliance by May 22, 2017 and will file its Form 10-K and Form
10-Q as soon as practicable. The Company anticipates that it will
fully regain compliance with the Nasdaq continued listing
requirements upon such filing of its Form 10-K and Form 10-Q.
As previously disclosed, as of May 15, 2017, the filing
deadline for its Form 10-Q, the Company was not able to complete
the preparation, review, and filing of its Form 10-Q due to the
focus of the Company on the completion of its Form 10-K yet to be
filed for its fiscal year ended January 3, 2017 and the dedication
of Company resources toward such completion. The Company underwent
significant changes in business model, leadership, key personnel,
and relocation of corporate office in 2016. These changes resulted
in a significant increase in non-routine transactions and impacted
certain routine processes needed to effectively accumulate and
present consolidated financial results.
The Company intends to file its Form 10-Q as soon as
practicable, with timing contingent on completion of 2016 financial
statements, their subsequent audit and completion of financial
statements for the quarter ended April 4, 2017. While the Company
continues to work expeditiously to complete its financials as soon
as practicable, the Company does not anticipate filing the Form
10-Q within the five-day period provided by Rule 12b-25. In
addition, as previously disclosed, the Company intends to file the
Form 10-K as soon as practicable upon completion of the audit.
The Notification Letter has no immediate effect on the listing
of the Company’s common stock on the Nasdaq Global Select
Market.
About Jamba, Inc.
Jamba, Inc. (Nasdaq: JMBA) through its wholly-owned subsidiary,
Jamba Juice Company, is a healthful, active lifestyle brand with a
robust global business driven by a portfolio of franchised and
company-owned Jamba Juice ® stores and Jamba Juice Express™
formats. Jamba Juice ® is a leading restaurant retailer of
“better-for-you” specialty beverage and food offerings which
include flavorful, whole fruit and vegetable smoothies, fresh
squeezed juices and juice blends, Energy Bowls™, signature
“boosts”, shots and a variety of food items including: hot oatmeal,
breakfast wraps, sandwiches, Artisan Flatbreads™, baked goods and
snacks.
There are over 900 Jamba Juice store locations globally, as of
January 3, 2017. For more information visit www.jambajuice.com or contact Jamba’s Guest
Services team at 1-866-4R-FRUIT (473-7848).
Forward-Looking Statements
This press release (including information incorporated or deemed
incorporated by reference herein) contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are those
involving future events and future results that are based on
current expectations, estimates, forecasts, and projections as well
as the current beliefs and assumptions of the Company’s management.
Words such as “outlook”, “believes”, “expects”, “appears”, “may”,
“will”, “should”, “anticipates”, or the negative thereof or
comparable terminology, are intended to identify such
forward-looking statements. Any statement that is not a historical
fact, including estimates, projections, future trends and the
outcome of events that have not yet occurred, is a forward-looking
statement. Forward-looking statements are only predictions and
are subject to risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual results may differ
materially and adversely from those expressed in any
forward-looking statements. Factors that might cause or
contribute to such differences include, but are not limited to
factors discussed under the section entitled “Risk Factors” in the
Company’s reports filed with the SEC. Many of such factors
relate to events and circumstances that are beyond the Company’s
control. You should not place undue reliance on
forward-looking statements. The Company does not assume any
obligation to update the information contained in this press
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170519005706/en/
Investor RelationsICRDara Dierks,
646-277-1212investors@jambajuice.com
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