FlexShopper, Inc. Receives Extension for Nasdaq Listing Compliance
May 21 2019 - 8:30AM
FlexShopper, Inc. (Nasdaq:FPAY) (“FlexShopper” or the
“Company”), a leading national online lease-to-own (“LTO”) retailer
and omnichannel LTO payment solution provider, today announced that
The Nasdaq Stock Market (“Nasdaq”) has determined that the Company
is eligible for a 180-day grace period, or until November 18, 2019,
to regain compliance with its Bid Price Rule.
As previously disclosed, the Company received
notice from Nasdaq on November 21, 2018 stating that the bid price
of the Company's common stock for the previous 30 consecutive
trading days had closed below the minimum $1.00 per share price
required for continued listing under Listing Rule 5550(a)(2) (the
"Bid Price Rule"). Per Nasdaq rules, the Company was provided an
initial 180 calendar days, or until May 20, 2019, to demonstrate
compliance by maintaining a minimum closing bid price of at least
$1.00 for a minimum of 10 consecutive trading days or by effecting,
if necessary, a reverse stock split. If the Company does not regain
compliance with the Bid Price Rule by November 18, 2019, Nasdaq
will provide written notification to the Company that its common
stock will be delisted. At that time, the Company may appeal
Nasdaq's delisting determination to a Nasdaq Hearings Panel, or the
Panel. The Company's common stock would remain listed pending the
Panel's decision. There can be no assurance that, if the Company
does appeal such a delisting determination by Nasdaq to the Panel,
that such appeal would be successful. This current notification
from Nasdaq has no immediate effect on the listing or trading of
the Company's common stock, which will continue to trade on the
Nasdaq Capital Market under the symbol “FPAY”.
About FlexShopper
FlexShopper, Inc. (FPAY) is a leading
omnichannel provider of lease-purchase solutions for non-prime
consumers and for retailers. For shoppers, a simple
application completed online or in store provides immediate
purchasing power to non-prime consumers. For retailers, we
provide an attractive alternative to their non-prime retail
customers, which helps them “save the sale” and increase their
business. Our unique, proprietary technology platform serves
both B2C and B2B channels. FlexShopper’s largest direct to consumer
channel is its LTO marketplace (www.flexshopper.com), which
features over 150,000 items drop-shipped by some of the nation’s
largest retailers. The Company’s B2B channels include its mobile
LTO point-of-sale technology and its LTO payment option on
retailers’ ecommerce sites. FlexShopper approves consumers
utilizing its proprietary consumer screening model, collects from
consumers under an LTO contract and pays its retail partners for
the goods.
Forward-Looking Statements
Certain statements in this release may
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements, which
are based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as “believe,” “expect,” “may,”
“will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,”
“estimate,” “anticipate,” or other comparable terms. Examples of
forward-looking statements include statements we make regarding
regaining compliance with the Bid Price Rule. These statements
involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially, as discussed in
FlexShopper's filings with the Securities and Exchange Commission.
The forward-looking statements made in this release speak only as
of the date of this release, and FlexShopper assumes no obligation
to update any such forward-looking statements to reflect actual
results or changes in expectations, except as otherwise required by
law.
Contact:Jeremy HellmanSenior
AssociateThe Equity Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.com
FlexShopper (NASDAQ:FPAY)
Historical Stock Chart
From Mar 2024 to Apr 2024
FlexShopper (NASDAQ:FPAY)
Historical Stock Chart
From Apr 2023 to Apr 2024