Siebert Financial Corp. Receives Nasdaq Notice for Non-Compliance with Listing Rules

Siebert Financial Corp. faces Nasdaq compliance issue due to delayed 2023 annual report filing, working to resolve internal control deficiencies and regain compliance within Nasdaq's grace period.

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Siebert Financial Corp. Receives Nasdaq Notice for Non-Compliance with Listing Rules

Siebert Financial Corp. Receives Nasdaq Notice for Non-Compliance with Listing Rules

Siebert Financial Corp. (NASDAQ:SIEB) has been informed by the Nasdaq Stock Market that it is not in compliance with the periodic filing requirements for continued listing due to the delayed filing of its 2023 Annual Report on Form 10-K. The company expects to file the report with an unqualified audit opinion before the June 17, 2024 deadline set by Nasdaq.

The notice has no immediate effect on the listing or trading of the company's common stock on the Nasdaq. Nasdaq has provided the company with 60 calendar days to submit a plan to achieve compliance, and if accepted, Nasdaq may grant the company up to 180 days from the prescribed due date to file the report and regain compliance.

Siebert Financial Corp. is a company offering various financial services that has been a member of the NYSE since 1967 and provides a range of brokerage and financial advisory services. The company engages in various financial services, including self-directed trading, wealth management, financial advice, market making, and fixed income investment, among others. Siebert has 12 branch offices in the United States and is headquartered in Miami Beach, Florida.

The company has been unable to file the 2023 Form 10-K within the prescribed time period due to identified deficiencies in its internal control over financial reporting, and it requires additional time to prepare and review its financial reports and other information. As a result, the company will no longer satisfy the eligibility requirement for use of registration statements on Form S-3 and intends to suspend its registration statement.

Why this matters: The delayed filing and non-compliance with Nasdaq listing rules highlight the importance of timely financial reporting and effective internal controls for publicly traded companies. Investors rely on accurate and timely financial information to make informed decisions, and any delays or deficiencies can impact market confidence and stock prices.

Siebert Financial Corp. is working to resolve the identified deficiencies in its internal control over financial reporting that have caused the delay in filing its 2023 annual report on Form 10-K. The company expects to file the overdue report with an unqualified audit opinion before the June 17, 2024 deadline and believes it will achieve compliance within Nasdaq's grace period. In the meantime, Siebert plans to suspend its use of Form S-3 registration statements due to the filing delay.

Key Takeaways

  • Siebert Financial Corp. received Nasdaq deficiency notice for delayed 10-K filing.
  • Siebert expects to file 10-K with unqualified audit before June 17, 2024 deadline.
  • Nasdaq provided 60 days for Siebert to submit compliance plan, potentially granting 180 days.
  • Siebert cites internal control deficiencies as reason for delayed 10-K filing.
  • Delayed filing impacts Siebert's use of Form S-3 registration statements.