Broadway Financial Corporation (“Broadway,” “we,” or the
“Company”) (Nasdaq Stock Market: BYFC), parent company of City
First Bank, National Association, announced today it received a
Staff Delisting Determination letter (the “Staff Determination”)
from the Listing Qualifications Department of The Nasdaq Stock
Market LLC (“Nasdaq”) on May 14, 2024 notifying the Company that
Nasdaq has initiated a process which could result in the delisting
of the Company’s securities from Nasdaq as a result of the
Company's not being in compliance with Nasdaq Listing Rule
5250(c)(1) (the “Listing Rule”), which requires listed companies to
timely file all required periodic financial reports with the
Securities and Exchange Commission (the “SEC”).
The Staff Determination was issued because the Company had not
filed its Quarterly Report on Form 10-Q for the period ended
September 30, 2023 (the “Q3 2023 Form 10-Q”), or its Annual Report
on Form 10-K for the fiscal year ended December 31, 2023 (the “2023
Form 10-K”). In light of materials submitted by the Company to
Nasdaq on January 11, 2024 and May 1, 2024, the Nasdaq Staff
granted the Company an exception until May 13, 2024, to regain
compliance with the Listing Rule.
The Company has been in communication with Nasdaq and intends to
appeal the Staff Determination before a Nasdaq Hearing Panel and
seek a further stay of any suspension or delisting action pending
the hearing process in accordance with the procedures set forth in
the Staff Determination letter.
As of the close of business on May 20, 2024, the Company had
filed the Q3 2023 Form 10-Q and the 2023 Form 10-K, but had not yet
filed its Quarterly Report on Form 10-Q for the quarter ended March
31, 2024. Following the filing of the Q3 2023 Form 10-Q and the
2023 Form 10-K, Nasdaq provided the Company with a letter stating
that we had achieved compliance with the Listing Rule with respect
to the Q3 2023 Form 10-Q and the 2023 Form 10-K. The Company is
working diligently to file the delinquent periodic report as soon
as possible to regain full compliance with the Listing Rule.
About Broadway Financial Corporation
Broadway Financial Corporation conducts its operations through
its wholly-owned banking subsidiary, City First Bank, National
Association, which is a leading community-oriented bank in Southern
California and in the Washington, D.C. market serving
low-to-moderate income communities. We offer a variety of
residential and commercial real estate loan products for consumers,
businesses, and non-profit organizations, other loan products, and
a variety of deposit products, including checking, savings, and
money market accounts, certificates of deposits, and retirement
accounts.
Stockholders, analysts, and others seeking information about the
Company are invited to write to: Broadway Financial Corporation,
Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los
Angeles, CA 90010 or contact Investor Relations at the phone number
or email address below.
Cautionary Statement Regarding Forward-Looking
Information
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts contained in this press
release, including statements regarding the filing of our Q1 2024
Form 10-Q, our intention to appeal the Staff Determination, and the
outcome of our appeal, are forward-looking statements.
Forward‑looking statements typically include the words “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” “poised,” “optimistic,”
“prospects,” “ability,” “looking,” “forward,” “invest,” “grow,”
“improve,” “deliver” and similar expressions, but the absence of
such words or expressions does not mean a statement is not
forward-looking. These forward‑looking statements are subject to
risks and uncertainties, including those identified below, which
could cause actual future results to differ materially from
historical results or from those anticipated or implied by such
statements. Readers should not place undue reliance on these
forward‑looking statements, which speak only as of their dates or,
if no date is provided, then as of the date of this press release.
We undertake no obligation to update or revise any forward‑looking
statements, whether as a result of new information, future events,
or otherwise, except to the extent required by law. The following
factors, among others, could cause future results to differ
materially from historical results or from those indicated by
forward‑looking statements included in this press release: the
possibility of unanticipated delays that will prevent the filing of
the Company’s SEC filings, the risk that the work necessary to
complete the filings is greater than anticipated or may involve the
resolution of additional issues identified during the review
process, the outcome of the Company’s appeal of the Staff
Determination, the risk that the Company may not respond adequately
to further inquiries from Nasdaq relating to the appeal, and the
risk that Nasdaq will not accept any plan to regain compliance and
will delist the Company's common stock. Other risks that could
cause these differences include, but are not limited to: (1) the
level of demand for mortgage and commercial loans, which is
affected by such external factors as general economic conditions,
market interest rate levels, tax laws, and the demographics of our
lending markets; (2) the direction and magnitude of changes in
interest rates and the relationship between market interest rates
and the yield on our interest‑earning assets and the cost of our
interest‑bearing liabilities; (3) the rate and amount of loan
losses incurred and projected to be incurred by us, increases in
the amounts of our nonperforming assets, the level of our loss
reserves and management’s judgments regarding the collectability of
loans; (4) changes in the regulation of lending and deposit
operations or other regulatory actions, whether industry-wide or
focused on our operations, including increases in capital
requirements or directives to increase loan loss allowances or make
other changes in our business operations; (5) legislative or
regulatory changes, including those that may be implemented by the
current administration in Washington, D.C. and the Federal Reserve
Board; (6) possible adverse rulings, judgments, settlements and
other outcomes of litigation; (7) actions undertaken by both
current and potential new competitors; (8) the possibility of
adverse trends in property values or economic trends in the
residential and commercial real estate markets in which we compete;
(9) the effect of changes in economic conditions; (10) the effect
of geopolitical uncertainties; (11) the discontinuation of LIBOR as
an interest rate benchmark; (12) the impact of COVID-19 or other
health crises on our future financial condition and operations;
(13) the impact of recent volatility in the banking sector due to
the failure of certain banks due to high levels of exposure to
liquidity risk, interest rate risk, uninsured deposits and
cryptocurrency risk; and (14) other risks and uncertainties. All
such factors are difficult to predict and are beyond our control.
Additional factors that could cause results to differ materially
from those described above can be found in our annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K or other filings made with the SEC and are available on our
website at http://www.cityfirstbank.com and on the SEC’s website at
http://www.sec.gov.
Forward-looking statements in this press release speak only as
of the date they are made, and we undertake no obligation, and do
not intend, to update these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except to the extent required by law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240520696427/en/
Investor Relations Brenda J. Battey, Chief Financial Officer,
(323) 556-3264 Investor.relations@cityfirstbroadway.com
Broadway Financial (NASDAQ:BYFC)
過去 株価チャート
から 5 2024 まで 6 2024
Broadway Financial (NASDAQ:BYFC)
過去 株価チャート
から 6 2023 まで 6 2024
