Texas-based direct-to-consumer brand operator JRjr33 Inc. disclosed in a Dec. 22 SEC filing that it received a noncompliance notice from NYSE American LLC on Dec. 21 regarding overdue Form 10-Q filings.
The company, which conducts business as JRJR Networks, has outstanding Form 10-Qs for its fiscal quarters ended March 31, June 30 and Sept. 30.
NYSE American said it had reviewed and accepted JRjr33's request for an extension and set a deadline of Feb. 15, 2018, to make the filings. The notice added that if the company had not regained compliance by that date or was not making progress consistent with such a plan, NYSE American would begin delisting proceedings.
This is the second noncompliance notice sent to JRjr33 by the exchange in December. The previous notice said the company was not meeting NYSE MKT standards for the minimum selling price of a listed security. The stock is trading with a ".BC" suffix to indicate noncompliance.
The company also stated in the same SEC filing that six directors were elected to its board Dec. 18 during the annual stockholders meeting. They are John Rochon, John Rochon Jr., John Bickel, Roy Damary, Bernard Ivaldi and William Randall. Stockholders also ratified the selection of Whitley Penn LLP as the company's independent registered public accounting firm.
In addition, JRjr33's stockholders voted to approve an amended stock incentive plan that allows the company to grant 6 million shares of common stock under the program, up from the previous limit of 3 million shares.