GWG Holdings Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)
April 22 2019 - 4:15PM
GWG Holdings, Inc. (Nasdaq: GWGH) today announced that it
received a letter from the Listing Qualifications Department of the
Nasdaq Stock Market on April 16, 2019, informing the Company
that it was not in compliance with the filing requirements for
continued listing under Nasdaq Listing Rule 5250(c)(1).
The Nasdaq notice has no immediate effect on the
listing or trading of the Company’s common stock on the Nasdaq
Capital Market.
On April 2, 2019, GWGH filed with the Securities
and Exchange Commission a Notification of Late Filing pursuant to
Rule 12b-25 of the Securities Exchange Act of 1934, indicating that
it was unable, without unreasonable effort and expense, to complete
its financial statements as of and for the year ended December 31,
2018 within the time period required to timely file its Annual
Report on Form 10-K for the fiscal year ended December 31, 2018.
The Company’s inability to timely file the Form 10-K was due, in
part, to a delay in finalizing the accounting for certain assets
and liabilities exchanged pursuant to the Amended and Restated
Master Exchange Agreement, dated January 18, 2018, as amended,
between the Company and The Beneficient Company Group, L.P., among
others, which exchange was completed on December 28, 2018. The
Company indicated at the time that it expected to file the Form
10-K no later than April 16, 2019, which is the fifteenth calendar
day filing extension period afforded registrants under Rule 12b-25
of the Securities Exchange Act of 1934.
As of April 16, 2019, the Company remained
unable to file the Form 10-K. As a result, on April 16, 2019, in
accordance with standard procedures related to the delayed filing
of the Form 10-K with the Securities and Exchange Commission, the
Company received a letter from Nasdaq indicating that the Company
is not in compliance with the filing requirements for continued
listing under Nasdaq Listing Rule 5250(c)(1). The Nasdaq letter
provides that the Company has 60 calendar days from the date it
received Nasdaq’s notification letter to submit a plan to regain
compliance with Nasdaq's filing requirements for continued listing.
Upon acceptance of the Company’s compliance plan, Nasdaq is
permitted to grant an extension of up to 180 days from the Form
10-K's filing due date for the Company to regain compliance with
Nasdaq's filing requirements for continued listing.
The Company anticipates that it will regain
compliance with the Nasdaq continued listing requirements upon
filing its Form 10-K, and that filing of the Form 10-K within the
60-day period will eliminate the need for the Company to submit a
formal plan to regain compliance.
About GWG Holdings, Inc.
(GWG)GWG Holdings, Inc. (Nasdaq: GWGH), is the parent
company of GWG Life, Life Epigenetics and YouSurance. GWG
Life is a leading provider of liquidity to owners of life insurance
in the secondary market. GWG owns a portfolio of alternative life
insurance assets equaling $1.96 billion in face value of policy
benefits as of September 30, 2018. Life Epigenetics is
commercializing epigenetic technology for the longevity life
insurance industry and other industries. YouSurance is a digital
life insurance agency working to embed epigenetic testing into life
insurance products to provide consumers a value-added ecosystem
that supports their health and wellness. For more information about
GWG, visit www.gwgh.com.
Cautionary Statement Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements that involve substantial risks and
uncertainties. All statements, other than statements of historical
facts, included in this press release regarding our strategy,
future operations, future financial position, future revenue,
projected costs, prospects, plans and objectives of management are
forward-looking statements. The words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "would," "target"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These forward-looking statements include,
among other things, statements about our anticipated timeframe for
filing our Annual Report on Form 10-K for the year
ended December 31, 2018 . We may not actually achieve the
expectations disclosed in our forward-looking statements, and you
should not place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the
expectations disclosed in the forward-looking statements we make.
More information about potential factors that could affect our
business and financial results is contained in our filings with
the Securities and Exchange Commission. Additional information
will also be set forth in our future quarterly reports on Form
10-Q, annual reports on Form 10-K and other filings that we make
with the Securities and Exchange Commission. We do not intend,
and undertake no duty, to release publicly any updates or revisions
to any forward-looking statements contained herein.
Contact:For GWG
Holdings Dan Callahan (612) 746-1935
GWG (NASDAQ:GWGH)
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