Coffee Holding Co., Inc. Receives Notice from Nasdaq Regarding Delayed Annual Report
06 Febbraio 2023 - 11:00PM
Coffee Holding Co., Inc. (Nasdaq: JVA) (the “Company”) today
announced that it received a notice (the “Notice”) on February 2,
2023 from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the
Company is not in compliance with the requirements for continued
listing under Nasdaq Listing Rule 5250(c)(1)
(the “Listing Rule”) because the Company has not yet filed its
Annual Report on Form 10-K for the year ended October 31,
2022 (the “Annual Report”) with the Securities and Exchange
Commission (the “SEC”).
The Notice has no immediate effect on the
listing or trading of the Company’s common stock on the Nasdaq
Capital Market. The Notice states that the Company has 60 calendar
days from the date of the Notice, or April 3, 2023, to submit a
plan to regain compliance with the Listing Rule. If Nasdaq accepts
the Company’s plan to regain compliance, then Nasdaq may grant the
Company up to 180 calendar days from the prescribed due date of the
Annual Report, or July 31, 2023, to file the Annual Report to
regain compliance.
The Company continues to work diligently to
finalize its Annual Report and plans to file its Annual Report as
promptly as possible to regain compliance with the Listing
Rule.
This announcement is made in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a deficiency notification.
About Coffee
Holding
Coffee Holding Co., Inc. is a leading integrated
wholesale coffee roaster and dealer in the United States and one of
the few coffee companies that offers a broad array of coffee
products across the entire spectrum of consumer tastes, preferences
and price points. Coffee Holding has been a family-operated
business for three generations and has remained profitable through
varying cycles in the coffee industry and the economy. The
Company’s private label and branded coffee products are sold
throughout the United States, Canada and abroad to supermarkets,
wholesalers, and individually owned and multi-unit retail
customers.
Forward-Looking Statements
This press release contains a number of
forward-looking statements. Words such as “expect,” “will,”
“working,” “plan” and variations of such words and similar future
or conditional expressions are intended to identify forward-looking
statements. These forward-looking statements include, but are not
limited to, statements regarding the Company’s beliefs and
expectations relating to the filing of its Annual Report and to the
Company’s ability to regain compliance with the Nasdaq Listing
Rule. These forward-looking statements are not guarantees of future
results and are subject to a number of risks and uncertainties,
many of which are difficult to predict and beyond the Company’s
control. Important factors that may cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, a material delay in the Company’s financial
reporting, including the possibility that the Company will not be
able to file its Annual Report within the next several days, the
Company’s independent auditor’s ability to finalize its review of
the unaudited consolidated financial statements of the Company and
the Annual Report in a timely manner, the Company’s ability to
respond in a timely and satisfactory manner to the inquiries by
Nasdaq, the Company’s ability to regain compliance with the Nasdaq
Listing Rule, the Company’s ability to become current with its
reports with the SEC and other factors described more fully in the
Company’s periodic filings with the SEC. The Company disclaims and
does not undertake any obligation to update or revise any
forward-looking statement in this press release, except as required
by applicable law or regulation.
For further information, contact:
Coffee Holding Co., Inc.Andrew GordonPresident
& CEO (718) 832-0800
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