Jamba Receives Positive Nasdaq Panel Decision
November 28 2017 - 3:05PM
Business Wire
Jamba, Inc. (Nasdaq:JMBA) (the “Company”) today announced that
it received a positive decision from the Nasdaq Hearings Panel of
The Nasdaq Stock Market (“Nasdaq”) granting the Company’s request
to continue its listing on Nasdaq, subject to the condition that
the Company provide the Panel with a written update on the status
of its work on its Form 10-K for the fiscal year ended January 3,
2017 and its Forms 10-Q for the fiscal quarters ended April 3, July
4 and October 3, 2017 (collectively, the “delinquent filings”) on
or before February 1, 2018 and file with the Securities and
Exchange Commission its delinquent filings on or before March 15,
2018. The Panel’s determination follows an in-person hearing before
the Panel at which the Panel considered the Company’s plan to
regain compliance with Nasdaq’s listing requirements and the
Company’s reasons for delay, including the changes the Company
underwent in the past several years as it moved its business to a
franchise-focused model and the significant changes in leadership,
key personnel, and relocation of corporate office in 2016,
resulting in a significant increase in non-routine transactions
which impacted processes related to the preparation of the
financial reports, and a reduced materiality threshold. The Company
is diligently working to satisfy the terms of the Panel’s
decision.
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 800 Jamba Juice store locations globally, as of
October 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. Such statements include, without limitation,
statements regarding the Company’s belief that it will be able to
comply with the March 15, 2018 Nasdaq deadline by filing its
outstanding annual report on Form 10-K and periodic reports on Form
10-Qs with the SEC. 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 as well as the Company’s
ability to regain compliance with Nasdaq's continued listing
requirements and the identified material weakness in the Company’s
internal controls. 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/20171128006171/en/
ICRInvestor RelationsDara Dierks,
646-277-1212investors@jambajuice.com
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