XCEL BRANDS, INC. Receives NASDAQ notice regarding late Form 10-Q filing
Rhea-AI Summary
Xcel Brands (NASDAQ: XELB) has received a delinquency notification from Nasdaq on November 25, 2024, for failing to file its Q3 2024 Form 10-Q on time. This non-compliance with Nasdaq Listing Rule 5250(c)(1) does not immediately affect the company's listing status. Xcel must submit a compliance plan within 60 days, and if accepted, Nasdaq may grant an extension until May 19, 2025, to regain compliance. The company plans to file the Form 10-Q within the 60-day window to maintain its listing requirements.
Positive
- None.
Negative
- Received Nasdaq non-compliance notice for late Q3 2024 filing
- Risk of potential delisting if compliance plan is not accepted or executed
- Delayed financial reporting indicating possible internal control issues
News Market Reaction
On the day this news was published, XELB declined 0.40%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), today announced that on November 25, 2024, it received a delinquency notification letter from the Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), because it had not timely filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the "Form 10-Q"). The Nasdaq notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
Nasdaq has informed the Company that it must submit a plan of compliance (the "Plan") within 60 calendar days, addressing how it intends to regain compliance with Nasdaq's listing rules and, if Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-Q original filing due date, or until May 19, 2025, to regain compliance. The Company intends to file its Form 10-Q as soon as practicable and, in any event, within the 60-day period referenced above, and thereby regain compliance with the Nasdaq continued listing requirements and eliminate the need for the Company to submit a Plan.
About Xcel Brands
Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the Tower Hill by Christie Brinkley co-branded collaboration, and holds noncontrolling interests in the Isaac Mizrahi brand and Orme Live. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of
For further information please contact:
Seth Burroughs
Marketing and Public Relations, Xcel Band, Inc..
347 532 5894
sburroughs@xcelbrands.com
FAQ
Why did Xcel Brands (XELB) receive a Nasdaq notice on November 25, 2024?
What is the deadline for XELB to submit its compliance plan to Nasdaq?
When is the maximum extension date for XELB to regain Nasdaq compliance?
