Asta Funding, Inc. Announces Receipt of Nasdaq Non-Compliance Letter
February 22 2018 - 3:00PM
Asta Funding, Inc. (NASDAQ:ASFI) (“Asta” or the “Company”)
announced today that on February 16, 2018, it received a
Delinquency Compliance Plan Alert Letter (the “Letter”) from Nasdaq
(“Nasdaq”) stating that the Company was not in compliance with
Nasdaq Listing Rule 5250(c)(1), because it has not timely filed its
Form 10-Q for the quarter ended December 31, 2017, and because the
Company remains delinquent in filing its Annual Report on Form 10-K
(“Form 10-K”) for the year ended September 30, 2017 (the "Initial
Delinquent Filing"), the Company does not comply with the Listing
Rules (the "Rules") for continued listing.
In the Letter, Nasdaq indicated that the Company
has until March 19, 2018 to submit a plan to regain compliance, if
granted, will be limited to a maximum of 180 calendar days from the
due date of the Initial Delinquent Filing, or July 16 2018.
The Company will file a plan to regain compliance with the Nasdaq
prior to the March 19, 2018 due date, and expects that it will
fully regain compliance with the Nasdaq continued listing
requirements upon the filing of the Form 10-K and Form 10-Q, which
the Company will file as soon as reasonably practicable.
About Asta Funding, Inc.
Asta Funding, Inc. (NASDAQ:ASFI), headquartered in Englewood
Cliffs, New Jersey, is a diversified financial services company
that assists consumers and serves investors through the strategic
management of three complementary business segments: Personal
Injury Claims, Consumer Debt and Disability Advocacy. Founded in
1994 as a sub-prime auto lender, Asta now manages business units
that include funding of personal injury claims through its wholly
owned subsidiary, Simia Capital, LLC; acquiring and managing
international distressed consumer receivables through its wholly
owned subsidiary, Palisades Acquisitions LLC; and benefits advocacy
through its wholly owned subsidiary, GAR Disability Advocates, LLC.
For additional information, please visit our website at
http://www.astafunding.com.
Cautionary Note Regarding Forward-Looking
Statements
All statements in this news release other than statements of
historical facts, including without limitation, statements
regarding our future financial position, business strategy,
budgets, projected revenues, projected costs, and plans and
objectives of management for future operations, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expects," "intends," "plans," "projects," "estimates,"
"anticipates," or "believes" or the negative thereof, or any
variation thereon, or similar terminology or expressions. We have
based these forward-looking statements on our current expectations
and projections about future events. These forward-looking
statements are not guarantees and are subject to known and unknown
risks, uncertainties and assumptions about us that may cause our
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. Important factors which could
materially affect our results and our future performance include,
without limitation, our ability to purchase defaulted consumer
receivables at appropriate prices, changes in government
regulations that affect our ability to collect sufficient amounts
on our defaulted consumer receivables, our ability to employ and
retain qualified employees, changes in the credit or capital
markets, changes in interest rates, deterioration in economic
conditions, negative press regarding the debt collection industry
which may have a negative impact on a debtor's willingness to pay
the debt we acquire, and statements of assumption underlying any of
the foregoing, as well as other factors set forth under "Item 1A.
Risk Factors" in our Annual Report on Form 10-K for the year ended
September 30, 2016, and other filings with the U.S. Securities and
Exchange Commission (the “SEC”). All subsequent written and oral
forward-looking statements attributable to us, or persons acting on
our behalf, are expressly qualified in their entirety by the
foregoing. Except as required by law, we assume no duty to update
or revise any forward-looking statements.
CONTACT:
Bruce R. Foster, CFOAsta Funding, Inc.(201)
567-5648
Asta Funding (NASDAQ:ASFI)
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