The Nasdaq Stock Market LLC accepted Asta Funding Inc.'s plan for continued listing on the Nasdaq Global Select Market.
Asta Funding on Aug. 30 presented its plan before a Nasdaq hearings panel to regain compliance with a Nasdaq listing rule, requiring listed companies to timely file all required periodic financial reports with the SEC.
Asta Funding, according to a Sept. 4 notice from Nasdaq, must be current with all SEC periodic public filings on or before Nov. 30. Those filings will include Forms 10-Q for the quarters ended Dec. 31, 2017; March 31, 2018; and June 30, 2018. In addition, Asta Funding is required to provide the panel with updates of material events that occur during the exception period.
Asta Funding on Aug. 15 received an additional determination letter from Nasdaq, saying that the company was not in compliance with a Nasdaq listing rule due to its failure to timely file a Form 10-Q for the quarter ended June 30.