Asta Funding Inc. received an additional delinquency letter from Nasdaq stating that it was not in compliance with listing requirements because of its failure to timely file its quarterly report on Form 10-Q for the quarter ended March 31.
Previously, Nasdaq granted the company an exception until July 16 to file its delinquent annual report on Form 10-K for the fiscal year ended Sept. 30, 2017, and quarterly report on Form 10-Q for the quarter ended Dec. 31, 2017. Consequently, any additional Nasdaq exception to allow the company to regain compliance with all delinquent filings will be limited to a maximum of 180 calendar days from the due date of the delinquent filing with respect to the Form 10-K, or July 16.
Asta Funding has until May 31 to submit an update to its original plan to regain compliance with respect to the filing requirement.
Accordingly, the company has submitted an update to its original compliance plan. Asta Funding expects that it will fully regain compliance with the Nasdaq continued listing requirements upon the filing of its periodic reports, which the company plans to file as soon as reasonably practicable.