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GWG Holdings receives noncompliance notice from Nasdaq

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GWG Holdings receives noncompliance notice from Nasdaq

As anticipated, GWG Holdings Inc. received a letter from the Nasdaq Stock Market's Listing Qualifications Department on Aug. 16, informing the company that it was not in compliance with the filing requirements for continued listing under a Nasdaq listing rule.

The company said it was unable to file with the Securities and Exchange Commission by the Aug. 14 deadline its Form 10-Q for the quarter ended June 30 because of the timing of its recent transition to a new independent registered public accounting firm and its continued evaluation of the appropriate accounting treatment for the purchase and contribution transaction completed in April.

GWG Holdings has until Oct. 15 to submit a plan to regain compliance with Nasdaq's filing requirements for continued listing.

If the company submits an acceptable compliance plan, Nasdaq is permitted to grant an extension of up to 180 days from the Form 10-Q's filing due date for GWG Holdings to regain compliance.

The company expects that it will regain compliance with the Nasdaq continued listing requirements upon filing its Form 10-Q within the 60-day period and that regaining compliance within the 60-day period will eliminate the need for it to submit a formal plan to regain compliance.

The Nasdaq notice has no immediate effect on the listing or trading of GWG Holdings' common stock on the Nasdaq Capital Market.