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Broadway Financial Corporation (NASDAQ:BYFC), a micro-cap financial institution with a market capitalization of $56.5 million, announced today that William A. Longbrake has decided to step down from his role as a member of the company’s Board of Directors. According to the information provided in a recent 8-K filing with the Securities and Exchange Commission, Longbrake’s resignation will be effective at the company’s Annual Meeting of Stockholders, scheduled for June 30, 2025.
The company, which is headquartered in Los Angeles, California, and operates within the federally chartered savings institutions industry, clarified that Longbrake’s departure is not due to any disagreements with the company regarding its operations, policies, or practices. InvestingPro analysis shows the company currently maintains a FAIR financial health score, though it faces profitability challenges with a negative earnings per share of -$0.08 over the last twelve months.
Longbrake, whose contributions to the board have been valued, has not publicly stated his reasons for leaving. The company’s filing did not indicate whether a successor has been appointed or if the search for a new director is underway.
The resignation comes at a time when the company is not involved in any of the activities that would typically require disclosure in an 8-K filing, such as soliciting material pursuant to Rule 14a-12 under the Exchange Act, or pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
Broadway Financial Corporation’s stock, which is traded under the symbol BYFC on the Nasdaq Capital Market, remains unaffected by this announcement, though the shares have declined nearly 14% over the past six months. InvestingPro data reveals the stock trades at a notably low Price/Book ratio of 0.42, suggesting potential undervaluation. Investors seeking deeper insights into BYFC’s valuation metrics and additional ProTips can access comprehensive analysis through an InvestingPro subscription. The company’s business address and contact information remain unchanged.
This report is based on the statements provided in the 8-K filing and does not include any speculation or subjective assessments of the implications of Longbrake’s resignation.
In other recent news, Broadway Financial Corporation has encountered a compliance issue with Nasdaq due to a delayed quarterly report. The company failed to meet the filing deadline for its Form 10-Q for the quarter ending March 31, 2025, as required by the SEC. This delay has led to a notification from The Nasdaq Stock Market LLC, highlighting non-compliance with continued listing rules. Although this notice does not immediately affect the trading of Broadway Financial’s shares, it raises concerns about potential impacts on the company’s stock listing if further delays occur. Broadway Financial is currently working to assess the value of a Securities Purchase Option Agreement related to its Series C Preferred Stock and finalize fair value measurements disclosure. Crowe LLP, the company’s independent accounting firm, also requires additional time for review procedures regarding the company’s disclosure controls. Nasdaq has provided Broadway Financial with 60 days from May 28, 2025, to submit a plan to regain compliance, with a possible extension until November 17, 2025, if accepted. The company aims to file the Form 10-Q promptly, ideally before the 60-day deadline to submit a compliance plan.
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