Broadway Financial Corporation announced it received a letter from The Nasdaq Stock Market LLC, dated May 28, 2025, notifying the company of non-compliance with Nasdaq Listing Rule 5250(c)(1). This rule requires timely filing of all required periodic financial reports with the Securities and Exchange Commission.
The non-compliance stems from the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, not being filed within the prescribed timeframe. The delay is attributed to the need for additional time to determine the value of a Securities Purchase Option Agreement related to its Series C Preferred Stock under the ECIP, as well as fair value measurements disclosure.
Nasdaq has provided Broadway Financial 60 calendar days from May 28, 2025, to submit a plan to regain compliance. If accepted, the company could be granted up to 180 days, until November 17, 2025, to file the Form 10-Q and regain compliance. The company stated it expects to file the Form 10-Q as promptly as reasonably practicable.
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