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LOS ANGELES - Broadway Financial Corporation (NASDAQ:BYFC), the parent company of City First Bank, has been notified by The Nasdaq Stock Market LLC of non-compliance with continued listing rules due to a delayed quarterly report. The $58.62 million market cap company did not meet the filing deadline for its Form 10-Q for the quarter ending March 31, 2025, as required by the Securities and Exchange Commission (SEC). According to InvestingPro data, the company’s stock has struggled this year, with a year-to-date decline of 8%.
The notice, dated May 28, 2025, does not immediately affect the trading of Broadway Financial’s shares on the Nasdaq Capital Market. However, it raises concerns about potential impacts on the company’s stock listing if further delays occur. InvestingPro analysis indicates the company currently maintains a FAIR financial health score, though it faces profitability challenges in recent quarters.
Broadway Financial previously reported on May 16, 2025, that it needed more time to assess the value of a Securities Purchase Option Agreement related to its Series C Preferred Stock issued under the U.S. Treasury’s Emergency Capital Investment Program. Additionally, the company is working to finalize fair value measurements disclosure. Crowe LLP, the company’s independent accounting firm, also requires more time for review procedures regarding the company’s disclosure controls. Despite recent challenges, InvestingPro’s Fair Value analysis suggests the stock may be slightly undervalued at current levels.
Nasdaq has given Broadway Financial 60 days from May 28, 2025, to submit a plan to regain compliance. If accepted, Nasdaq may allow up to 180 days from the original due date for the company to file the Form 10-Q, extending the deadline to November 17, 2025.
The company aims to file the Form 10-Q promptly and before the 60-day deadline to submit a compliance plan. Broadway Financial Corporation operates primarily through City First Bank, serving low-to-moderate income communities in Southern California and the Washington, D.C. area. It offers diverse loan products and deposit accounts.
This information is based on a press release statement issued by Broadway Financial Corporation.
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