GWG Holdings Receives Nasdaq Notification of Non-Compliance
May 23 2019 - 4:30PM
GWG Holdings, Inc. (Nasdaq: GWGH) today announced that it
received a letter from the Listing Qualifications Department of the
Nasdaq Stock Market on May 17, 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.
As previously reported, on April 16, 2019, the
Company received a similar letter from Nasdaq stating the Company
was not in compliance with the filing requirements for continued
listing under Nasdaq Listing Rule 5250(c)(1) as a result of the
Company being unable to timely file its Annual Report on Form 10-K
for the fiscal year ended 2018. The Company’s inability to timely
file its 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.
For the same reasons, as of May 15, 2019, the
Company was unable to timely file its Quarterly Report on Form 10-Q
for the fiscal quarter ending March 31, 2019. As a result, on May
17, 2019, in accordance with standard procedures related to the
delayed filing of the Form 10-Q with the Securities and Exchange
Commission, the Company received the letter from Nasdaq stating the
Company is not in compliance with the filing requirements for
continued listing under Nasdaq Listing Rule 5250(c)(1).
Nasdaq’s letter provides that the Company has
until June 17, 2019 to submit a plan to regain compliance with
Nasdaq's filing requirements for continued listing. If the Company
submits an acceptable 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 for fiscal year ended 2018 and Form 10-Q for
the fiscal quarter ending March 31, 2019. If the Company is unable
to regain compliance prior to June 17, 2019, it expects to do so
within the Nasdaq extension period.
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. GWG’s interests in other
alternative assets are held and managed by The Beneficient Company
Group, L.P. and its general partner, Beneficient Management,
LLC. Life Epigenetics is commercializing epigenetic technology
for the 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 fiscal year
ended December 31, 2018 and our Quarterly Report on Form 10-Q
for the fiscal quarter ending March 31, 2019, and our ability to
obtain from Nasdaq an extension of the period during which we are
permitted to regain compliance with Nasdaq's filing requirements
for continued listing. 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
HoldingsDan Callahan(612) 746-1935
GWG (NASDAQ:GWGH)
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