[NT 10-Q] MARIN SOFTWARE INCORPORATED SEC Filing

Rhea-AI Filing Summary

Marin Software Incorporated has submitted a Form 12b-25 notifying the SEC that it cannot timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. The company filed a voluntary petition under Chapter 11 on July 1, 2025 (Case No. 25-11263) and is operating as a debtor in possession. Management and remaining personnel have been focused on the bankruptcy process, the company reports limited financing, accounting and administrative personnel, and it terminated Grant Thornton LLP as its independent registered public accounting firm effective July 24, 2025 with no replacement engaged. Marin says it will file monthly operating reports with the Bankruptcy Court and will report those filings with the SEC. The company also cautions that its common stock is no longer listed on the Nasdaq Capital Market and that trading is highly speculative.

Insights

Restructuring / Bankruptcy Specialist

TL;DR: Chapter 11 filing and limited finance resources materially impair Marin's ability to meet SEC reporting and oversight obligations.

The Chapter 11 filing (Case No. 25-11263) and the diversion of management resources to bankruptcy matters are explicit reasons given for failing to file the June 30, 2025 Form 10-Q. The company also reports constrained financing and reduced accounting personnel and has terminated its independent auditor without replacement, increasing near-term reporting risk and uncertainty about the completeness of financial disclosures. Filing monthly operating reports with the Bankruptcy Court provides some transparency, but does not substitute for audited SEC periodic reports.

Securities / Financial Reporting Analyst

TL;DR: Loss of auditor and missing prior periodic reports create substantial disclosure and compliance concerns for investors and regulators.

Marin confirmed it has not filed its Annual Report for the year ended December 31, 2024 and the Quarterly Report for the period ended March 31, 2025. The termination of Grant Thornton LLP on July 24, 2025, and no successor auditor heighten risk that the company cannot complete required audits or internal control attestations. The company explicitly states it cannot estimate when it will complete and file the delayed reports, which compounds uncertainty for stakeholders and market participants.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

Commission File Number: 001-35838

(Check one):	☐ Form 10-K	☐ Form 20-F	☐ Form 11-K	☒ Form 10-Q
	☐ Form 10-D	☐ Form N-CEN	☐ Form N-CSR

For Period Ended: December 31, 2024

o	Transition Report on Form 10-K
o	Transition Report on Form 20-F
o	Transition Report on Form 11-K
o	Transition Report on Form 10-Q
o	Transition Report on Form N-SAR

For the Transition Period Ended:

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: Not applicable

PART I - REGISTRANT INFORMATION

Full Name of Registrant:	Marin Software Incorporated
Former Name if Applicable:	Not Applicable
Address of Principal Executive Office (Street and Number): City, State and Zip Code:	149 New Montgomery St., 4th Floor, San Francisco, CA 94105

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed (Check box if appropriate).

	(a)	The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
	(b)	The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
	(c)	The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR or the transition report or portion thereof, could not be filed within the prescribed period.

Marin Software Incorporated (the “Company” or “we,” “us” and “our”) has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Quarterly Report”) by the prescribed filing date or the five-day extension permitted by the rules of the Securities and Exchange Commission (the “SEC”).

As previously announced, on July 1, 2025, the Company filed a voluntary petition for relief under chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), thereby commencing a chapter 11 case for the Company (the “Chapter 11 Case”). The case number is 25-11263 and the case is styled as In re Marin Software Incorporated. Additional information regarding the Chapter 11 Case is available at www.donlinrecano.com/mrin. The documents and other information on this website are not part of this Form 12b-25 and shall not be incorporated by reference. The Company continues to operate its business as a “debtor in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code, orders of the Bankruptcy Court, and applicable non-bankruptcy law. During the pendency of the Chapter 11 Case, the Company’s management team and other personnel have devoted significant time and attention to materials and workflows required in connection with the Chapter 11 Case. Additionally, the Company has limited financing, accounting and administrative personnel as part of the Company’s efforts to minimize operating expenses during the pendency of the Chapter 11 Case. The Company expects to file monthly operating reports with the Bankruptcy Court, and will report the filing of those reports in a Current Report on Form 8-K.

In addition, as previously disclosed in a Current Report on Form 8-K filed with the SEC on July 24, 2025, the Company’s Board of Directors (the “Board”), on the recommendation of the Audit Committee of the Board, terminated the engagement of Grant Thornton LLP as the Company’s independent registered public accounting firm, effective immediately. The Company has not engaged a new independent public accounting firm.

Due to the time and attention required by the Chapter 11 Case and the lack of an independent public accounting firm, the Company is unable to timely file its Form 10-Q without unreasonable effort or expense and is unable to estimate when it will be able to complete and file the Form 10-Q.

Cautionary Language Regarding Trading in the Company’s Common Stock

The Company’s stockholders are cautioned that trading in the Company’s common stock during the pendency of the Chapter 11 Case is highly speculative and poses substantial risks. The Company’s common stock is no longer listed on the Nasdaq Capital Market, and trading prices for the Company’s common stock may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company’s Chapter 11 Case. Accordingly, the Company urges extreme caution with respect to existing and future investments in its common stock.

Cautionary Language Regarding Forward-Looking Statements

This Form 12b-25 contains certain forward-looking statements that reflect, when made, the Company’s current views with respect to current events and financial performance. These forward-looking statements are within the meaning of Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding expected timing of filing the Quarterly Report, process and potential outcomes of the Company’s Chapter 11 Case, the Company’s ability to continue to operate as usual during the Chapter 11 Case, and and/or statements preceded by, followed by or that include the words “intends,” “expects,” “estimates,” “plans,” or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, there can be no assurance that its expectations will be achieved. Except as otherwise may be required by law, the Company undertakes no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this Form 12b-25.

PART IV - OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this notification:

Robert Bertz	415	399-2580
Name	(Area Code)	(Telephone Number)

(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).

o Yes x No

Annual Report on Form 10-K for the Year Ended December 31, 2024

Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2025

(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

o Yes x No

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

Marin Software Incorporated

(Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 14, 2025		By:	/s/ Robert Bertz
			Robert Bertz
			Chief Financial Officer