Broadway Financial Corporation announced it received a second letter from The Nasdaq Stock Market LLC, dated August 21, 2025, notifying the company of non-compliance with Nasdaq Listing Rule 5250(c)(1). This notice is due to the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, not being filed within the prescribed time period.
The delay in filing the Q2 2025 10-Q is attributed to the need for additional time to evaluate participation agreements for compliance with Accounting Standards Codification Topic 860. This evaluation is necessary to determine the impact on the consolidated financial statements and ensure adequate disclosure of required information.
Nasdaq has provided the company 60 calendar days from August 21, 2025, to submit a plan to regain compliance. If the plan is accepted, Broadway Financial may be granted up to 180 days, until February 16, 2026, to file the Form 10-Q and regain compliance. The company expects to file the Form 10-Q as promptly as reasonably practicable.
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