Company to present plan in November to regain market compliance
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Jamba Inc. will present a plan to regain market listing compliance on Nov. 16, before the Nasdaq Hearings Panel, the company said Wednesday.
Frisco, Texas-based Jamba had requested the hearing in September, after being granted an earlier extension to file its delinquent earnings reports with the Securities and Exchange Commission.
Nasdaq’s listing qualifications staff had warned the juice-and-smoothie chain that it was delinquent in filing its annual Form 10-K report for the fiscal year ended Jan. 3, as well as for quarterly 10-Q reports for the periods ended in April and July.
Jamba also said Wednesday that the Nasdaq panel granted its request to extend the automatic market-suspension stay, which is for 15 calendar days. That allows Jamba’s stock to continue trading until the Nasdaq panel makes its decision.
“The company fully intends to continue to take all steps necessary to regain compliance,” Jamba said in a statement Wednesday.
In SEC filings in September, Jamba said it was delayed in completing financial statements because of “significant changes in the company’s business model, leadership and key personnel” and the relocation of its corporate office last year.
Jamba Inc. moved its headquarters in 2016 from Emeryville, Calif., to Frisco.
The corporate changes and headquarters relocation “resulted in a significant increase in non-routine transactions and impacted certain routine processes needed to effectively accumulate and present consolidated financial results,” Jamba said in its September filing.
Jamba’s stock at midday Wednesday was trading down about 1 percent, at $8.45 a share, from $8.52 a share at Tuesday’s close. Over the past 52 weeks, Jamba stock had traded in a range of $6.71 a share to $10.89 a share.
As of July 4, Jamba Inc., through its wholly owned subsidiary Jamba Juice Co., owned and franchised more than 800 locations under the Jamba Juice and Jamba Juice Express names.
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