U.S. Global Investors Receives Expected Nasdaq Notice Regarding Late Filing of Form 10-K
October 20 2023 - 4:17PM
U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a
registered investment advisory firm with longstanding experience in
global markets and specialized sectors, today announces that it
received a standard notification letter dated October 16, 2023,
(the “Nasdaq notice” or “notice”) from the Nasdaq Listing
Qualifications Department of Nasdaq notifying the Company that it
is no longer in compliance with Nasdaq Listing Rule 5250(c)(1),
which requires timely filing of all required financial reports with
the U. S. Securities and Exchange Commission (“SEC”), for failing
to file its Form 10-K for the fiscal year ended June 30, 2023 (the
“Form 10-K”) within the prescribed timeframe.
The Nasdaq notice has no immediate impact on the listing or
trading of the Company’s common stock on the Nasdaq Capital
Market. The notice provides that the Company has 60 calendar
days from the date of the Nasdaq notice to submit to Nasdaq a plan
(the “Compliance Plan”), to regain compliance with the Nasdaq
Listing Rules. If Nasdaq accepts the Compliance Plan, Nasdaq can
grant the Company an exception to extend for an additional 180
calendar days from the extended due date of the Form 10-K filing
date, or April 10, 2024, to regain compliance.
The Company is working on determining whether the establishment
of a reserve for certain taxes is required under FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes"
(codified under ASC 740-10). Once this is complete, the Company
will diligently work to file its Form 10-K.
This announcement is made in compliance with the Nasdaq Listing
Rule 5810(b), which requires prompt disclosure of receipt of a
notification of deficiency.
About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years
when it began as an investment club. Today, U.S. Global Investors,
Inc. (www.usfunds.com) is a registered investment adviser that
focuses on niche markets around the world. Headquartered in San
Antonio, Texas, the Company provides investment advisory services
to U.S. Global Investors Funds and U.S. Global ETFs.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not limited
to, statements regarding the Company’s beliefs and expectations
relating to the filing of the Form 10-K and the establishment of a
reserve for certain taxes. No assurance can be given that the Form
10-K will be filed within 60 days, or that Nasdaq will continue to
list the Company’s Class A common stock. Forward-looking statements
are subject to numerous conditions, many of which are beyond the
control of the Company, including, without limitation, those risks
and uncertainties described in our annual report on Form 10-K for
the fiscal year ended June 30, 2022, as amended on September 13,
2022, and May 19, 2023, and our other reports and filings with SEC.
Copies of these documents are available on the SEC’s website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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Holly Schoenfeldt
U.S. Global Investors, Inc.
210.308.1268
hschoenfeldt@usfunds.com
US Global Investors (NASDAQ:GROW)
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