Jamba, Inc. Announces Receipt of Expected Letter from Nasdaq
March 24 2017 - 4:05PM
Business Wire
Jamba, Inc. (Nasdaq:JMBA) (“Jamba” or the “Company”) today
announced that as expected, on March 21, 2017 it received a
standard notification letter from Nasdaq stating that because the
Company has not yet filed its Form 10-K for the year ended January
3, 2017 (the “10-K”), the Company is not in compliance with Nasdaq
Listing Rule 5250(c)(1), which requires timely filing of periodic
reports with the Securities and Exchange Commission.
Nasdaq provided the Company until May 22, 2017 to submit a plan
to regain compliance and, if Nasdaq accepts the Company's plan,
Nasdaq can grant the Company an additional compliance period until
September 18, 2017 to regain compliance. The Company does not
currently expect submission of a compliance plan will be necessary
as it anticipates filing its Form 10-K prior to the expiration of
the 60-day period. The Company anticipates that it will fully
regain compliance with the Nasdaq continued listing requirements
upon such filing of its Form 10-K.
As previously disclosed, as of March 20, 2017, the filing
deadline for its 10-K, the Company had not yet completed its
financial statements. As a result, the Company’s independent
registered public accounting firm, KPMG LLP, has not completed
their audit of the Company’s financial statements and the
assessment of the Company’s internal control over financial
reporting. The delay in completion of the Company’s financial
statements has been primarily caused by transition issues stemming
from the Company relocation of its corporate headquarters from
Emeryville, California to Frisco, Texas in the second half of 2016.
The Company’s delay was also contributed to, in part, by the
complexities with addressing the number of Company non-routine
transactions which occurred in 2016, many of which related to the
Company’s transition.
The Company intends to file the Annual Report as soon as
practicable after completion of the audit. While the Company
continues to work expeditiously to complete its financials and file
its Form 10-K as soon as practicable, the Company does not
anticipate filing the Form 10-K within the fifteen-day period
provided by Rule 12b-25.
The Notification Letter has no immediate effect on the listing
of the Company’s common stock on the Nasdaq Global Select
Market.
About Jamba, Inc.
Jamba, Inc. (Nasdaq:JMBA) through its wholly-owned subsidiary,
Jamba Juice Company, is a healthful, active lifestyle brand with a
robust global business driven by a portfolio of franchised and
company-owned Jamba Juice ® stores and Jamba Juice Express™
formats. Jamba Juice ® is a leading restaurant retailer of
“better-for-you” specialty beverage and food offerings which
include flavorful, whole fruit and vegetable smoothies, fresh
squeezed juices and juice blends, Energy Bowls™, signature
“boosts”, shots and a variety of food items including: hot oatmeal,
breakfast wraps, sandwiches, Artisan Flatbreads™, baked goods and
snacks.
There are over 900 Jamba Juice store locations globally, as of
January 3, 2017. For more information visit www.jambajuice.com or
contact Jamba’s Guest Services team at 1-866-4R-FRUIT
(473-7848).
Forward-Looking Statements
This press release (including information incorporated or deemed
incorporated by reference herein) contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are those
involving future events and future results that are based on
current expectations, estimates, forecasts, and projections as well
as the current beliefs and assumptions of the Company’s management.
Words such as “outlook,” “believes,” “expects,” “appears,” “may,”
“will,” “should,” “anticipates,” or the negative thereof or
comparable terminology, are intended to identify such
forward-looking statements. Any statement that is not a historical
fact, including estimates, projections, future trends and the
outcome of events that have not yet occurred, is a forward-looking
statement. Forward-looking statements are only predictions and
are subject to risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual results may differ
materially and adversely from those expressed in any
forward-looking statements. Factors that might cause or
contribute to such differences include, but are not limited to
factors discussed under the section entitled “Risk Factors” in the
Company’s reports filed with the SEC. Many of such factors
relate to events and circumstances that are beyond the Company’s
control. You should not place undue reliance on
forward-looking statements. The Company does not assume any
obligation to update the information contained in this press
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170324005455/en/
Investor RelationsICRDara Dierks,
646-277-1212investors@jambajuice.com
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