Asta Funding, Inc. Announces Receipt of Nasdaq Non-Compliance Letter
August 20 2018 - 3:15PM
Asta Funding, Inc. (NASDAQ: ASFI) (“Asta” or the “Company”)
announced today that on August 15, 2018, it received an Additional
Determination Letter (the “Letter”) from the Nasdaq Stock Market
LLC (“Nasdaq”) stating that the Company was not in compliance with
Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file
its Quarterly Report on Form 10-Q for the quarter ended June 30,
2018 (the “Quarterly Report”).
The Letter indicated that the failure to timely file the
Quarterly Report serves as an additional basis for delisting the
Company’s securities, and that the Nasdaq Hearings Panel (the
“Panel”) will consider the matter in rendering a determination
regarding the Company’s continued listing on the Nasdaq Global
Select Market. The Letter also indicated that, pursuant to Nasdaq
Listing Rule 5810(d), the Company should present its views with
respect to this additional delinquency at its Panel hearing.
At the Panel hearing, the Company intends to present its views
with respect to the additional delinquency. However, there can be
no assurance that the Panel will grant the
Company’s request for continued listing.
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 funding of personal injury claims through its wholly
owned subsidiary, Simia Capital, LLC; acquiring and managing
international distressed consumer receivables through its wholly
owned subsidiary, Palisades Acquisitions LLC; and benefits advocacy
through its wholly owned subsidiary, GAR Disability Advocates, LLC.
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, CFOAsta Funding,
Inc.(201) 567-5648
Asta Funding (NASDAQ:ASFI)
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