NEW YORK, Nov. 16, 2017 /PRNewswire/ -- Iconix Brand Group,
Inc. (NASDAQ: ICON) (the "Company"), announced today that as
a result of the previously disclosed delayed filing of its Form
10-Q for the period ended September 30,
2017 (the "3Q Form 10-Q"), it has received a customary
deficiency notice from the NASDAQ Listing Qualifications Staff.
The delayed filing is a result of additional time required
for the Company to complete impairment testing of its goodwill and
intangible assets in order to determine the amount of any non-cash
intangible asset impairment charge on any of its brands, which the
Company will reflect in its financial statements.
The NASDAQ letter states that the Company is not currently in
compliance with NASDAQ Listing Rule 5250(c)(1). The letter requests
that the Company submit a plan to regain compliance with respect to
the NASDAQ's continued listing standards no later than January
16, 2018. If the Company fails to provide a timely plan or the
NASDAQ staff determines the Company's plan is insufficient to
regain compliance, the Company may be subject to delisting from the
NASDAQ Stock Market. However, the Company anticipates that it
will file the 3Q Form 10-Q by January 16, 2018, and believes that
submission of a plan will not be necessary.
Cautionary Statement
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Exchange Act of 1934. Forward-looking statements
are subject to known and unknown risks and uncertainties, many of
which may be beyond our control. We caution you that the
forward-looking information presented in this press release is not
a guarantee of future events, and that actual events and results
may differ materially from those made in or suggested by the
forward-looking information contained in this press release. In
addition, forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may," "plan,"
"will," "expect," "intend," "estimate," "anticipate," "believe" or
"continue" or the negative thereof or variations thereon or similar
terminology. A number of important factors could cause actual
events and results to differ materially from those contained in or
implied by the forward-looking statements, including how promptly
we are able to complete impairment testing of our goodwill and
intangible assets, as well as those factors discussed in our Annual
Report on Form 10-K for the year ended December 31, 2016, subsequent Quarterly Reports
on Form 10-Q and subsequent Current Reports on Form 8-K filed with
the SEC, which can be found at the SEC's website www.sec.gov,
each of which is specifically incorporated into this press release.
Any forward-looking information presented herein is made only as of
the date of this press release, and we do not undertake any
obligation to update or revise any forward-looking information to
reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
Contact Information:
Jaime Sheinheit
VP, Investor Relations
Iconix Brand Group, Inc.
jsheinheit@iconixbrand.com
212.819.2096
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SOURCE Iconix Brand Group, Inc.