Broadway Financial receives Staff Delisting Determination letter from Nasdaq

Broadway Financial, parent company of City First Bank, National Association, announced it received a Staff Delisting Determination letter from the Listing Qualifications Department of The Nasdaq Stock Market on May 14 notifying the Company that Nasdaq has initiated a process which could result in the delisting of the Company’s securities from Nasdaq as a result of the Company’s not being in compliance with Nasdaq Listing Rule 5250, which requires listed companies to timely file all required periodic financial reports with the SEC. The Staff Determination was issued because the Company had not filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023. In light of materials submitted by the Company to Nasdaq on January 11 and May 1 the Nasdaq Staff granted the Company an exception until May 13, 2024, to regain compliance with the Listing Rule. The Company has been in communication with Nasdaq and intends to appeal the Staff Determination before a Nasdaq Hearing Panel and seek a further stay of any suspension or delisting action pending the hearing process in accordance with the procedures set forth in the Staff Determination letter.