ToughBuilt Industries Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
May 24 2024 - 3:10PM
ToughBuilt Industries, Inc. (NASDAQ: TBLT) (the “Company”) today
announced that it has received a written notice (the “Notice”) on
May 22, 2024, from the Listing Qualifications Department of The
Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company
has not yet filed its Form 10-Q for the quarter ended March 31,
2024 (the “Form 10-Q”) and because the Company remains delinquent
in filing its Form 10-K for the year ended December 31, 2023 (the
"Form 10-K"), it is not in compliance with Nasdaq Listing Rule
5250(c)(1) (the “Rule”), which requires listed companies to timely
file all required periodic financial reports with the Securities
and Exchange Commission (the "SEC").
This Notice has no immediate effect on the listing of the
Company's shares on Nasdaq. However, if the Company fails to timely
regain compliance with the Rule, the Company's common stock will be
subject to delisting from Nasdaq.
As previously disclosed in the Company’s Current
Report on Form 8-K filed on April 25, 2024, the Company received a
separate delinquency notification (the “Initial Notice”) from
Nasdaq, advising the Company that due to the Company’s failure to
timely file its Form 10-K, the Company is not in compliance with
the Rule. In the Initial Notice and reiterated by Nasdaq in the May
22, 2024 Notice, the Company has 60 days, or until June 8, 2024, to
submit a plan to Nasdaq to regain compliance with respect to the
late Form 10-K and Form 10-Q. If Nasdaq accepts the Company’s plan,
then Nasdaq may grant the Company up to 180 calendar days from the
prescribed due date of its Form 10-K, or until October 14, 2024, to
file the late Form 10-K and Form 10-Q to regain compliance with the
Rule.
The Company intends to submit its plan to Nasdaq
no later than June 8, 2024. If Nasdaq does not accept the Company’s
plan, then the Company will have the opportunity to appeal that
decision to a Nasdaq Hearings Panel.
The Company is working diligently to complete its Form 10-K and
Form 10-Q and will provide an update once more information is
available.
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an innovative advanced product developer,
manufacturer, and distributor with an emphasis on innovative
products, currently focused on tools and other accessories for the
professional and do-it-yourself construction industries. We market
and distribute various home improvement and construction product
lines for both the do-it-yourself and professional markets under
the TOUGHBUILT brand name within the global multibillion-dollar per
year tool market industry. Our in-house design team creates all our
products. Since launching product sales in 2013, we have
experienced significant annual sales growth. Our current product
line includes three major categories, with several additional
categories in various stages of development, consisting of Soft
Goods & Kneepads and Sawhorses & Work Products. Our mission
is to provide products to the building and home improvement
communities that are innovative and of superior quality derived in
part from enlightened creativity for our end users while enhancing
performance, improving well-being, and building high brand loyalty.
Additional information about the Company is available
at: https://www.toughbuilt.com/.
Forward-Looking Statement
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
the expected timing of the Company’s filing of its Annual Report on
Form 10-K for the year ended December 31, 2023, and its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024, the
potential submission of a plan to Nasdaq and the potential for
Nasdaq to accept such plan or grant the Company an exception period
or the success of any hearing process, and the Company’s ability to
regain compliance with the Nasdaq continued listing standards.
Management cautions the reader that these forward-looking
statements are only predictions and are subject to a number of both
known and unknown risks and uncertainties, and actual results,
performance, and/or achievements of ToughBuilt Industries may
differ materially from the future results, performance, and/or
achievements expressed or implied by these forward-looking
statements as a result of a number of factors. These factors
include, without limitation, the resulting effects on the Company’s
reported financial results and the delay in the Company’s reporting
of its financial results and filing of its Form 10-K and Form 10-Q
with the SEC, the possibility that the Company is unable to regain
compliance with, or thereafter continue to comply with, the Nasdaq
Listing Rules, or experience violations of additional Nasdaq
Listing Rules, the possibility that the Nasdaq may delist the
Company’s common stock. More detailed information about the
ToughBuilt Industries and the risk factors that may affect the
realization of forward-looking statements is set forth in the
Company’s filings with the Securities and Exchange
Commission (SEC), including the Company’s annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K. Investors and security holders are urged to read these
documents, as well as other documents we file with the SEC,
free of charge on the SEC’s website
at http://www.sec.gov and also available through the
Company’s website at www.toughbuilt.com. The contents of
our website are not incorporated by reference into this press
release. The Company assumes no obligation to publicly update or
revise its forward-looking statements as a result of new
information, future events, or otherwise, except as required by
law.
Investor Relations Contact:
KCSA Strategic Communicationstoughbuilt@kcsa.com
ToughBuilt Press & Media Contact:pr@toughbuilt.com
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