Live Ventures Incorporated Receives Notification of Deficiency from Nasdaq Related to Delayed Quarterly Report on Form 10-Q
February 24 2020 - 5:00PM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, previously announced that it was delaying the filing of
its Quarterly Report on Form 10-Q for the quarterly period ended
December 31, 2019 to allow the company additional time to finalize
its financial statements to be filed as part of the Form
10-Q.
In connection with the delayed Form 10-Q, on
February 20, 2020, Live Ventures received a standard notice from
Nasdaq stating that the company is not in compliance with Nasdaq
Listing Rule 5250(c)(1) (the “Listing Rule”), which requires timely
filing of periodic financial reports with the Securities and
Exchange Commission. The Nasdaq notice has no immediate
effect on the listing or trading of Live Ventures’ common stock on
the Nasdaq Capital Market. Under Nasdaq’s listing rules, Live
Ventures has 60 calendar days from the date of the letter, or April
20, 2020, to submit a plan to regain compliance. If the plan
is accepted, Live Ventures can be granted an exception of up to 180
calendar days from the Form 10-Q’s original due date, or until
August 12, 2020, to regain compliance. Live Ventures expects
to submit a plan to regain compliance or file its Form 10-Q within
the timeline prescribed by Nasdaq.
On January 17, 2020, Live Ventures received a
standard notice from Nasdaq that the company was not in compliance
with the Listing Rule as a result of its failure to file its Annual
Report on Form 10-K for the fiscal year ended September 30, 2019
(the “Form 10-K”). On February 10, 2020, Live Ventures filed
the Form 10-K. On February 11, 2020, Nasdaq notified the
company that the filing of the Form 10-K closed the matter
referenced in its January 17, 2020 notice.
About Live VenturesLive Ventures
Incorporated, originally incorporated in 1968, is a diversified
holding company with a strategic focus on acquiring profitable
companies that have demonstrated a strong history of earnings
power. Through its subsidiary Marquis Industries, the company
manufactures and sells residential and commercial carpets primarily
in North America. Marquis Industries also designs, sources
and sells hard-surface flooring. Through its subsidiary
Vintage Stock, an award-winning entertainment retailer, the company
sells new and pre-owned movies, classic and current generation
video games and systems, music on CD & LP, collectible comics,
books, toys, and more. Vintage Stock, through its stores and
website, ships product worldwide directly to the customer's
doorstep. Through its subsidiary ApplianceSmart, the company
sells new major and out-of-the box household appliances in the
United States through a chain of company-owned retail stores
operating under the name ApplianceSmart®.
Forward-Looking and Cautionary
Statements The use of the word “company” or “Company”
refers to Live Ventures Incorporated and its wholly-owned
subsidiaries. This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. In accordance with the safe harbor
provisions of this Act, statements contained herein that look
forward in time that include everything other than historical
information, involve risks and uncertainties that may affect the
company’s actual results. These forward-looking statements
can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements and include statements relating
to the Company’s ability to file its Quarterly Report on Form 10-Q
for the quarterly period ended December 31, 2019. Live
Ventures may also make written or oral forward-looking statements
in its periodic reports to the U.S. Securities and Exchange
Commission (the “SEC”) on Forms 10-K and 10-Q, Current Reports on
Form 8-K, in its annual report to stockholders, in press releases
and other written materials, and in oral statements made by its
officers, directors or employees to third parties. There can
be no assurance that such statements will prove to be accurate and
there are a number of important factors that could cause actual
results to differ materially from those expressed in any
forward-looking statements made by the company, including, but not
limited to, plans and objectives of management for future
operations or products, the market acceptance or future success of
our products, and our future financial performance. The
company cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2019 (available
at http://www.sec.gov). Live Ventures undertakes no obligation
to publicly update or revise any statements in this release,
whether as a result of new information, future events, or
otherwise.
Contact:Live Ventures Incorporated Tim Matula,
Investor Relations (425) 836-9035 tmatula@liveventures.com
http://www.liveventures.com Source: Live Ventures
Incorporated
Live Ventures (NASDAQ:LIVE)
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