Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), today reported that on July 3, 2013 the Company received a written notification from Nasdaq that the Company has been granted an additional 180 calendar days, or until December 30, 2013, to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2) (the “Rule”).
The Company had originally received a notification from Nasdaq on January 3, 2013 stating that the Company had failed to comply with the Rule because the bid price for the Company's common stock over a period of 30 consecutive business days ending prior to such date had closed below the minimum $1.00 per share requirement for continued listing. That notification has provided the Company a period of 180 days, ending on July 2, 2013, to regain compliance with the Rule.
By the end of June 2013 it became apparent that the Company would not be in compliance with the Rule by July 2, 2013, which would subject the Company's common stock to delisting from The Nasdaq Capital Market. As a result, the Company notified Nasdaq and applied for an extension of the cure period, as permitted under the original notification. In the application the Company indicated that it met all other continuing listing requirements for the Nasdaq Capital Market and provided written notice of its intention to cure the deficiency during the second compliance period of an additional 180 days, by various plans, including effecting a reverse stock split, if necessary.
If at any time before December 30, 2013, the bid price of the Company's common stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the Rule.
If compliance with the Rule cannot be demonstrated by December 30, 2013, Nasdaq will provide written notification that the Company's common stock will be delisted. At that time, the Company may appeal Nasdaq’s determination to a Hearings Panel.