Tandy Leather Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

Tandy Leather Factory, Inc. (NASDAQ: TLF) received a notice from Nasdaq for failing to file its Q1 2020 10-Q, breaching compliance with Nasdaq Listing Rule 5250(c)(1). This follows earlier notices for delinquency regarding previous reports. On May 1, 2020, Nasdaq's Hearings Panel allowed TLF to stay listed, contingent upon filing all overdue reports by August 10, 2020. Tandy Leather, based in Fort Worth, Texas, operates 114 stores across North America and one in Spain, offering a range of leather products and tools.

Positive

• Nasdaq's Hearings Panel granted TLF a continuation on the exchange, giving a deadline of August 10, 2020, to comply.
• The company maintains a robust retail presence with 114 stores across 42 US states and 7 Canadian provinces.

Negative

• Failed to file Q1 2020 10-Q, risking its continuous listing on Nasdaq.
• Previous notices of delinquency for late filings of 10-Qs and a 10-K could affect investor confidence.

FORT WORTH, Texas, May 27, 2020 (GLOBE NEWSWIRE) -- On May 19, 2020, Tandy Leather Factory, Inc. (the “Company,” NASDAQ: TLF) received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the three months ended March 31, 2020, the Company is not in compliance with the continued listing requirements of Nasdaq Listing Rule 5250(c)(1).  As previously disclosed, Nasdaq Listing Rule 5250(c)(1), in pertinent part, requires the Company to timely file all required periodic reports with the Securities and Exchange Commission.  The Company previously reported the receipt of prior notices of delinquency from Nasdaq, which related to the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30 and September 30, 2019 and the Annual Report on Form 10-K for the year ended December 31, 2019.

As previously reported, on May 1, 2020, the Company received a letter from Nasdaq informing the Company that Nasdaq’s Hearings Panel (the “Panel”) had granted the Company’s request to remain listed on Nasdaq, subject to the Company filing all current and overdue quarterly and annual reports with the Securities and Exchange Commission on or before August 10, 2020.

Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits.  The Company distributes its products through its 114 North American stores located in 42 US states and 7 Canadian provinces, and one International store located in Spain.  Its common stock trades on the Nasdaq with the symbol "TLF".  To be included on Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.

Janet Carr, Tandy Leather Factory, Inc.  (817) 872-3200 or janet.carr@tandyleather.com
                       
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission.  These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FAQ

What does Tandy Leather Factory's recent Nasdaq notice mean for TLF stock?

The notice indicates that Tandy Leather Factory is at risk of being delisted from Nasdaq due to failure to file required financial reports.

When is Tandy Leather Factory required to file its overdue reports?

Tandy Leather Factory must file all overdue reports by August 10, 2020, to maintain its Nasdaq listing.

What has happened to Tandy Leather Factory's stock due to the compliance issue?

The non-compliance issue has raised concerns about TLF stock's stability and could impact investor sentiment negatively.

How many stores does Tandy Leather Factory operate?

Tandy Leather Factory operates 114 stores across the US and Canada, plus one international store in Spain.