Asta Funding, Inc. Announces Receipt of Nasdaq Non-Compliance Letter
July 20 2018 - 4:15PM
Asta Funding, Inc. (NASDAQ:ASFI) (“Asta” or the “Company”)
announced today that on July 17, 2018, it received a Staff
Determination Letter to Delist (the “Letter”) from The Nasdaq Stock
Market LLC (“Nasdaq”) notifying the Company that since it remains
delinquent in filing its Annual Report on Form 10-K for the fiscal
year ended September 30, 2017 and its Quarterly Reports on Form
10-Q for the quarters ended December 31, 2017 and March 31,
2018, 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 had granted the Company an
extension until July 16, 2018 to regain compliance with the Rule.
The Letter indicated that the Company’s securities would be subject
to delisting on July 26, 2018 as a result of the Company's
non-compliance with the Rule unless the Company timely requests
a hearing before the Nasdaq Hearings Panel (the
“Panel”).
The Company intends to timely request a hearing before
the Panel, at which hearing it will present its plan to
evidence compliance with the Rule and request the continued listing
of its securities on Nasdaq pending its return to compliance.
Such request will automatically stay any suspension or delisting
action by Nasdaq for a period of 15 days. The stay may be extended
at the option of the Panel upon the Company's request and support
of such extension, and the Company intends to ask the Panel for a
further stay concurrent with its request for
a hearing and pending the ultimate conclusion of
the hearing process.
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, the restatement of previously issued financial
statements, the identified material weaknesses in our internal
control over financial reporting and our ability remediate those
material weaknesses, our ability to regain compliance with Nasdaq
listing standards and maintain the continued listing of our
securities on Nasdaq, 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 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.
Investor Contact:
Bruce R. Foster, CFOAsta Funding,
Inc.(201) 567-5648
Asta Funding (NASDAQ:ASFI)
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