PFSweb Announces Receipt of Nasdaq Delisting Notice
09 Febbraio 2022 - 10:56PM
PFS (NASDAQ: PFSW) (the “Company"), a premier eCommerce order
fulfillment provider, today announced that, as expected, on
February 8, 2022, it received a determination notice (the “Notice”)
from the staff of the Listing Qualifications Department of The
Nasdaq Stock Market LLC (the “Nasdaq Staff”) indicating that unless
the Company requests a hearing before the Hearings Panel (the
“Panel”) by February 15, 2022, trading in the Company’s common
stock would be suspended and subject to delisting based upon its
non-compliance with Nasdaq’s filing requirement, as set forth in
Listing Rule 5250(c)(1) (the “Rule”). The Notice was issued in
accordance with standard Nasdaq procedures due to the delayed
filing of the Company’s Form 10-Q for the period ended September
30, 2021.
The Company intends to request, prior to the
February 15, 2022 deadline, a hearing before the Panel to request a
stay of the Staff’s delisting determination (the “Request”). As a
result of the filing the Request, the delisting of the Company’s
common stock will be automatically stayed for fifteen days from the
Request. If the Panel grants the Company’s request for a stay, any
final delisting action will be further stayed until at least the
Panel’s final determination following the hearing. At the hearing,
which is generally held within 30 to 45 days after the Request, the
Company will present its plan to regain compliance with the Rule
and request the continued listing of its common stock on Nasdaq
Capital Market pending such compliance. There can be no assurance
that the Panel will grant the Company’s requests.
If the Company fails to timely file a Request,
the Nasdaq Staff will suspend its common stock from trading on the
Nasdaq Capital Market at the opening of business on February 17,
2022 and take action with the Securities and Exchange Commission to
remove the Company’s common stock from listing on the Nasdaq Global
Market.
As previously disclosed, the delay in the filing
of the Company’s financials for the period ending September 30,
2021, is a result of the complex tax implications and
labor-intensive closing process associated with the sale of the
LiveArea business unit on August 25, 2021, and the required
financial reporting and accounting segmentation of previously
commingled business entities. The delay is not related to any
historical issues with PFSweb’s accounting practices or the
underlying financial performance of the ongoing PFS business.
This announcement is made in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a delisting notification.
About PFS
PFS, the business unit of PFSweb, Inc. (NASDAQ:
PFSW) is a premier eCommerce order fulfillment provider. We
facilitate each operational step of an eCommerce order in support
of DTC and B2B retail brands and specialize in health & beauty,
fashion & apparel, jewelry, and consumer packaged goods. Our
scalable solutions support customized pick/pack/ship services that
deliver on brand ethos with each order. A proven order management
platform, as well as high-touch customer care, reinforce our
operation. With 20+ years as an industry leader, PFS is the BPO of
choice for brand-centric companies and household brand names, such
as L’Oréal USA, Champion, Pandora, Shiseido Americas, Kendra Scott,
the United States Mint, and many more. The company is headquartered
in Allen, TX with additional locations around the globe. For more
information, visit www.pfscommerce.com or ir.pfsweb.com for
investor information.
For media: Longacre Square
PartnersDan Zacchei/Joe Germani/Ashley Areopagita
PFSweb@longacresquare.com
Investor Relations:Cody Slach and Jackie
KeshnerGateway Investor
Relations1-949-574-3860PFSW@gatewayir.com
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