FlexShopper Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
Rhea-AI Summary
FlexShopper (Nasdaq: FPAY) has received a deficiency notification from Nasdaq on August 21, 2025, due to failing to file its Q2 2025 Form 10-Q on time. The company is already operating under a previous exception granted by Nasdaq until October 13, 2025 to file its delinquent 2024 Form 10-K and Q1 2025 Form 10-Q.
The company must submit an updated compliance plan to address all delinquent filings. FlexShopper attributes the delay to needing additional time to complete accounting and internal control processes. The maximum extension period for compliance is limited to 180 calendar days from the initial delinquent filing's due date.
Positive
- None.
Negative
- Company failed to file Q2 2025 Form 10-Q on time
- Already delinquent on 2024 Form 10-K and Q1 2025 Form 10-Q filings
- Risk of potential Nasdaq delisting if compliance not achieved by October 13, 2025
- Ongoing issues with accounting and internal control processes
Insights
FlexShopper faces potential Nasdaq delisting after missing multiple SEC filings, signaling serious regulatory compliance issues.
FlexShopper's notification of a third consecutive missed SEC filing represents a significant regulatory compliance concern. The company has now failed to file its 2024 annual report, Q1 2025 quarterly report, and Q2 2025 quarterly report, triggering Nasdaq Listing Rule 5250(c)(1) violations. This pattern of delinquencies suggests potential deeper issues with the company's financial reporting infrastructure.
The Nasdaq has given FlexShopper until October 13, 2025 - representing the maximum 180-day exception period - to resolve all delinquent filings. This deadline is particularly concerning as it encompasses multiple missing reports, not just a single delayed filing. The company must now submit an updated compliance plan to Nasdaq, indicating the situation has escalated beyond routine regulatory matters.
FlexShopper's explanation that the delay relates to completing "customary accounting and internal control processes" raises red flags about potential financial reporting or internal control weaknesses. The vague wording and lack of specific timeline for resolution compounds uncertainty. The company's explicit statement that it "can provide no assurance as to their timing" further signals that this is not merely a procedural delay but potentially a more substantive issue that could impact investor confidence and the company's public listing status.
AI-generated analysis. How Rhea-AI works. Not financial advice.
BOCA RATON, Fla., Aug. 27, 2025 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY) today announced that it received a deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC on August 21, 2025 (the “Notice”). The Notice indicated that FlexShopper does not comply with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) for continued listing of its common stock as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Q2 2025 Form 10-Q”), as described more fully in FlexShopper’s Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission on August 15, 2025. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC.
Previously, the Nasdaq Listing Qualifications Staff granted FlexShopper an exception until October 13, 2025 to file its delinquent Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) and its Form 10-Q for the quarter ended March 31, 2025 (the “Q1 2025 Form 10-Q”). As a result, any additional Nasdaq exception to allow FlexShopper to regain compliance with all delinquent filings will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or October 13, 2025. With this additional delinquency, FlexShopper must submit an update to its original plan to regain compliance with respect to the filing requirement.
As previously disclosed, the filing of the Q2 2025 Form 10-Q was delayed due to the matters described in the Form 12b-25, including allowing FlexShopper sufficient time to complete its customary accounting and internal control processes and procedures. While FlexShopper can provide no assurance as to their timing, it will continue to work diligently to complete and file the 2024 Form 10-K, the Q1 2025 Form 10-Q and the Q2 2025 Form 10-Q as soon as practicable.
About FlexShopper, Inc.
FlexShopper Inc. (Nasdaq: FPAY) is a financial technology company specializing in lease-to-own (LTO) and lending solutions for underserved consumers across the U.S. FlexShopper provides flexible payment options through its direct marketplace at FlexShopper.com and partners with retailers across online and physical store locations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” or “will” or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to FlexShopper’s plans and expectations about the completion and filing of the periodic reports, its submission of a plan to regain compliance with respect to the Listing Rule, and the timing thereof. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to, uncertainties about the timing of FlexShopper’s submission of a compliance plan, Nasdaq’s acceptance of any such plan, the duration of any extension that may be granted by Nasdaq, the potential inability to meet Nasdaq’s requirements, FlexShopper’s preparation of the periodic reports and the related financial statements, the possibility of additional delays in the filing of the periodic reports, and the other risks and uncertainties described in FlexShopper’s SEC reports and under the heading “Risk Factors” in its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which are available at www.sec.gov. These forward-looking statements speak only as of the date of this press release. Except as required by law, FlexShopper does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.
Company Contact
FlexShopper, Inc.
Investor Relations
ir@flexshopper.com
Investor and Media Contact
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
andrew@smberger.com
Source: FlexShopper, Inc.
