Jamba, Inc. Announces Receipt of Expected Letter from Nasdaq
August 18 2017 - 4:30PM
Business Wire
Jamba, Inc. (Nasdaq:JMBA) (“Jamba” or the “Company”) today
announced that as expected, on August 15, 2017 it received a
standard notification letter from Nasdaq stating that because the
Company has not yet filed its Form 10-Q for the period ended July
4, 2017 (“Second Quarter Form 10-Q”) in addition to 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 (together with the Second
Quarter Form 10-Q, the “Form 10-Qs”), 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 described in the letter, the Company has until August 30,
2017 to submit to Nasdaq an update to its original plan to regain
compliance with the Nasdaq Listing Rules. Previously, Nasdaq
granted the Company an extension until September 18, 2017 to file
all delinquent periodic reports, including its Form 10-K for the
year ended January 3, 2017, and Form 10-Q for the period ended
April 3, 2017.
The Company plans to submit an update to its original plan to
regain compliance by August 30, 2017 and to file its Form 10-K and
Form 10-Qs 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-Qs.
As previously disclosed, as of August 14, 2017, the filing
deadline for its Form 10-Q for the period ended July 4, 2017, the
Company was not able to complete the preparation, review, and
filing of its Second Quarter 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 Second Quarter 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 July 4, 2017. While the
Company continues to work expeditiously to complete its financials
as soon as practicable, the Company does not anticipate filing the
its Form 10-Q for the period ended July 4, 2017 within the five-day
period provided by Rule 12b-25. In addition, as previously
disclosed, the Company expects to file its fiscal year 2016 Form
10-K and Form 10-Q for the first quarter of fiscal 2017, as soon as
practicable, with timing contingent on completion of financial
statements and their subsequent audit and review, respectively.
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 800 Jamba Juice store locations globally, as of
July 4, 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/20170818005453/en/
Investor RelationsICRDara Dierks,
646-277-1212investors@jambajuice.com
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