BM Technologies Receives Notice from NYSE American
April 25 2022 - 6:20PM
RADNOR, PA, April 25, 2022 – BM Technologies, Inc. (NYSE
American: BMTX) (the “Company”), one of the largest digital banking
platforms and Banking-as-a-Service (BaaS) providers, received
notice on April 18, 2022 from NYSE Regulation stating that the
Company is not in compliance with the continued listing standards
of the NYSE American LLC (the “Exchange”) under the timely filing
criteria set forth in Section 1007 of the NYSE American Company
Guide (the “Company Guide”). The non-compliance results from the
Company’s failure to timely file its Annual Report on Form 10-K for
the year ended December 31, 2021 (the “Form 10-K”) (the “Filing
Deficiency”).
In accordance with Section 1007 of the Company Guide, the
Company will have six months from the date of the Filing
Delinquency, or until September 30, 2022 (the "Initial Cure
Period"), to file the Form 10-K with the SEC. If the Company fails
to file the Form 10-K during the Initial Cure Period, the Exchange
may, in its sole discretion, provide an additional six-month cure
period (the "Additional Cure Period"). The Company can regain
compliance with the Exchange’s continued listing standards at any
time during the Initial Cure Period or Additional Cure Period, as
applicable, by filing the Form 10-K and any subsequent delayed
filings with the SEC. The Company intends to file the Form 10-K as
soon as practicable, and currently expects to file the Form 10-K
early this week.
During the Initial Cure Period and the Additional Cure Period,
if applicable, the Company’s securities will continue to trade on
the Exchange, subject to the Company’s compliance with other
continued listing requirements, with a late filer (".LF")
indicator.
The Form 10-K was originally due to be filed with the Securities
and Exchange Commission (“SEC”) on March 31, 2022, as extended
through April 15, 2022 as a result of the filed a Notification of
Late Filing on Form 12b-25 (the “Original Form 12b-25”) with the
SEC. The Original Form 12b-25 stated that it was unable to
file the Form 10-K by the original due date without unreasonable
effort or expense because it required additional time to finalize
its financial statements to be included in the Form 10-K.
However, the Form 10-K was not filed on April 15, 2022 and, on
April 19, 2022, the Company filed an amended Notification of Late
Filing on Form 12b-25, which stated that, because of further delays
and additional matters that had come to the attention of the
Company, the Company had been unable to file the Form 10-K prior to
the end of the 15-day extension period.
As previously reported, the Form 10-K, when filed this week,
will include a restatement of the Company’s previously issued
consolidated financial statements for the periods ended December
31, 2020, March 31, 2021, June 30, 2021, and September 30,
2021.
Except for timing differences, these corrections will have no
effect on the Company’s previously reported revenues, Core EBITDA,
total cash balance, total equity, net working capital, net cash
flows from operating activities, investing activities, or financing
activities. Similarly, these corrections have no impact on the
Company’s operations or its underlying business fundamentals.
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX)—formerly known as
BankMobile—is among the largest digital banking platforms and
Banking-as-a-Service (BaaS) providers, providing access to checking
and savings accounts, personal loans, credit cards, and financial
wellness. It is focused on technology, innovation, easy-to-use
products, and education with the mission to financially empower
millions of Americans by providing a more affordable, transparent,
and consumer-friendly banking experience. The BM Technologies
(BMTX) digital banking platform employs a multi-partner
distribution model, known as “Banking-as-a-Service” (BaaS), that
enables the acquisition of customers at higher volumes and
substantially lower expense than traditional banks, while providing
significant benefits to its customers, partners, and business. BM
Technologies (BMTX) currently has approximately two million
accounts and provides disbursement services at approximately 750
college and university campuses (covering one out of every three
college students in the U.S.). BM Technologies, Inc. (BMTX) is a
technology company and is not a bank, which means it provides
banking services through its partner bank. More information can
also be found at www.bmtx.com.
Investors: Bob Ramsey, CFA
BM Technologies, Inc.
571-236-8851
rramsey@bmtx.com
Media Inquiries: Brigit Hennaman
Rubenstein Public Relations
212-805-3005
bhennaman@rubensteinpr.com
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