Asta Funding, Inc. Continued Listing Plan Accepted by Nasdaq
06 Setembro 2018 - 12:00PM
Asta Funding, Inc. (NASDAQ: ASFI) (the “Company”) today announced
receipt of notice that The Nasdaq Stock Market
LLC (“Nasdaq”) has accepted the Company’s plan for continued
listing on The Nasdaq Global Select Market. On August 30,
2018, the Company presented its plan of compliance to a Nasdaq
Hearings Panel (the “Panel”) to become compliant with Nasdaq
Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1)
requires listed companies to timely file all required periodic
financial reports with the Securities and Exchange Commission
(“SEC”).
On September 4, 2018, the Company received notice from Nasdaq
that the Panel determined to continue the listing of the Company’s
common stock while it works to file all restated and delayed
periodic reports due to be filed with the SEC, as discussed in the
Company’s Current Reports on Form 8-K filed with the SEC on January
18, 2018, May 16, 2018 and August 15, 2018. More
specifically, on or before November 30, 2018, the Company must be
current with all SEC periodic public filings, which will include
each Quarterly Report on Form 10-Q for the periods ended December
31, 2017, March 31, 2018 and June 30, 2018. The Company is
also required to provide the Panel with updates of material events
that occur during the exception period.
While the Company is doing everything within its control to file
all required SEC periodic reports as soon as reasonably
practicable, there can be no assurances that the Company will be
able to meet the Panel’s deadline.
About Asta Funding, Inc.
Asta Funding, Inc. (NASDAQ:ASFI), headquartered
in Englewood Cliffs, New Jersey, is a diversified financial
services company that assists consumers and serves investors
through the strategic management of three complementary business
segments: Personal Injury Claims, Consumer Debt and Disability
Advocacy. Founded in 1994 as a sub-prime auto
lender, Asta now manages business units that include or
have included funding of personal injury claims; acquiring and
managing international distressed consumer receivables; and
benefits advocacy. For additional information, please visit
our website at http://www.astafunding.com.
Cautionary Note Regarding Forward-Looking
Statements
All statements in this news release other than statements of
historical facts, including without limitation, statements
regarding our future financial position, business strategy,
budgets, projected revenues, projected costs, and plans and
objectives of management for future operations, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as “may,”
“will,” “expects,” “intends,” “plans,” “projects,” “estimates,”
“anticipates,” or “believes” or the negative thereof, or any
variation thereon, or similar terminology or expressions. We have
based these forward-looking statements on our current expectations
and projections about future events. These forward-looking
statements are not guarantees and are subject to known and unknown
risks, uncertainties and assumptions about us that may cause our
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. Important factors which could
materially affect our results and our future performance include,
without limitation, the restatement of previously issued financial
statements, the identified material weaknesses in our internal
control over financial reporting and our ability remediate those
material weaknesses, our ability to regain compliance with Nasdaq
listing standards and maintain the continued listing of our
securities on Nasdaq, our ability to purchase defaulted
consumer receivables at appropriate prices, changes in government
regulations that affect our ability to collect sufficient amounts
on our defaulted consumer receivables, our ability to employ and
retain qualified employees, changes in the credit or capital
markets, changes in interest rates, deterioration in economic
conditions, negative press regarding the debt collection industry
which may have a negative impact on a debtor’s willingness to pay
the debt we acquire, and statements of assumption underlying any of
the foregoing, as well as other factors set forth under “Item 1A.
Risk Factors” in our Annual Report on Form 10-K for the year
ended September 30, 2016, and other filings with the SEC.
All subsequent written and oral forward-looking statements
attributable to us, or persons acting on our behalf, are expressly
qualified in their entirety by the foregoing. Except as required by
law, we assume no duty to update or revise any forward-looking
statements.
Investor Contact:
Bruce R. Foster, CFO Asta Funding, Inc. (201)
567-5648
Asta Funding (NASDAQ:ASFI)
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