Jamba Inc. plans to request a Nasdaq panel hearing after being warned it faces delisting by the stock exchange for being delinquent in filing financial reports since January, the company said this week.
Frisco, Texas-based Jamba, in a filing Tuesday with the Securities and Exchange Commission, reiterated that it was delayed in completing financial statements because of “significant changes in the company’s business model, leadership and key personnel” and the relocation of its corporate office in 2016.
Jamba Inc. moved its headquarters last year from Emeryville, Calif., to Frisco.
The juice and smoothie chain said it had received a letter from Nasdaq’s listing qualifications staff that it was delinquent in filing its annual Form 10-K report for the fiscal year ended Jan. 3 as well as for quarterly 10-Q reports for the periods ended April 4 and July 4.
Jamba’s Tuesday filing came one day after the company missed Nasdaq’s original extension of the deadline, to Sept. 18. Compliance for Nasdaq stock market listing requires timely filing of earnings reports with the SEC.
The corporate changes and headquarters relocation “resulted in a significant increase in non-routine transactions and impacted certain routine processes needed to effectively accumulate and present consolidated financial results,” Jamba said in its Tuesday filing.
Jamba, in its SEC filing Tuesday, said the “company fully intends to timely request a hearing before the [Nasdaq] panel to present its plan for regaining compliance.” The hearing request automatically delays any delisting action for 15 calendar days.
Jamba can get an extension for up to 360 days from the original due date of the first late filing, which was Jan. 3.
Jamba stock closed down 3.2 percent on Thursday, trading at $8.37 a share. Over the past 52 weeks, shares have traded in a range of $6.71 a share to $11.05 a share.
As of July 4, Jamba Inc., through its wholly owned subsidiary Jamba Juice Co., owned and franchised more then 800 locations under the Jamba Juice and Jamba Juice Express formats.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless