iMedia Brands, Inc. (NASDAQ: IMBI) today announced that the Company is noncompliant with the periodic filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) (the "Rule") as a result of its failure to file its Annual Report on Form 10-K for the year ended January 28, 2023 with the Securities and Exchange Commission by the required due date of April 28.
The NASDAQ Notice has no immediate effect on the listing or trading of the Company's shares of common stock, though NASDAQ will broadcast an indicator over its market data dissemination network noting the Company's noncompliance. If the Company remains noncompliant with the Rule at the end of the 180-day exception period, the Company's shares of common stock will be subject to delisting from NASDAQ.
NASDAQ has informed us that the Company has until July 3, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then NASDAQ may grant an exception of up to 180 calendar days from the due date of the Form 10-K, or until October 25, to regain compliance. However, there can be no assurance that NASDAQ will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If NASDAQ does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a NASDAQ Hearings Panel.
IMBI shares handed back half a cent, or 2.7%, to $0.18.
