Jamba, Inc. Announces Receipt of Nasdaq Staff Determination Letter and Intent to Request Hearing
September 19 2017 - 9:00AM
Business Wire
Jamba, Inc. (Nasdaq:JMBA) (the “Company”) announced that it
received a letter from the Staff of the Listing Qualifications
Department of the Nasdaq Stock Market (“Nasdaq”) notifying the
Company that since it remains delinquent in filing its Annual
Report on Form 10-K for the fiscal year ended January 3, 2017 (the
“Form 10-K”) and its Quarterly Reports on Form 10-Q for the
quarterly periods ended April 4, 2017 and July 4, 2017 (the “Form
10-Qs”), it has not regained compliance with Nasdaq Listing Rule
5250(c)(1) (the “Rule”), which requires timely filing of periodic
reports with the Securities and Exchange Commission (the “SEC”).
Previously, Nasdaq granted the Company an extension until September
18, 2017 to file all delinquent periodic reports. As described in
the letter, as a result of the continued delinquency, the Company’s
common stock is subject to delisting unless the Company timely
requests a hearing before a Nasdaq Hearings Panel (the
“Panel”).
The Company fully intends to timely request a hearing before the
Panel to present its plan for regaining compliance with the Rule
and request continued listing pending its return to compliance. The
hearing request automatically stays the delisting for a period of
15 calendar days from the date of the deadline to request a
hearing. The Company will present to the Panel, which will make a
decision based on the plan for regaining compliance submitted and
the Company’s presentation, to grant the Company an extension of
time within which to regain compliance with the Rule for a period
of up to 360 days from the original due date of the Company’s first
late filing.
As previously disclosed, the delay in completion of the
Company’s financial statements was primarily caused by significant
changes in the Company’s business model, leadership and key
personnel, and the 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.
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/20170919005556/en/
Investor RelationsICRDara Dierks,
646-277-1212investors@jambajuice.com
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