Broadway Financial Corporation Announces Notification from Nasdaq Regarding Late Filing of Form 10-Q
Broadway Financial Corporation (NASDAQ: BYFC), parent company of City First Bank, received a notification from Nasdaq on August 21, 2025, regarding non-compliance with Listing Rule 5250(c)(1) due to delayed filing of its Q2 2025 Form 10-Q.
The delay stems from the company needing additional time to evaluate participation agreements for compliance with Accounting Standards Codification Topic 860. Nasdaq has granted Broadway 60 calendar days to submit a compliance plan, with potential extension up to 180 days (February 16, 2026) if the plan is accepted.
While the notice has no immediate impact on Broadway's Nasdaq listing, the company aims to file the Form 10-Q before the 60-day compliance plan deadline.
Broadway Financial Corporation (NASDAQ: BYFC), societ脿 madre di City First Bank, ha ricevuto il 21 agosto 2025 una comunicazione da Nasdaq per la non conformit脿 alla Listing Rule 5250(c)(1) a causa del ritardo nella presentazione del proprio Form 10-Q relativo al secondo trimestre 2025.
Il ritardo 猫 dovuto alla necessit脿 di ulteriore tempo per valutare gli accordi di partecipazione in relazione alla conformit脿 con l'Accounting Standards Codification Topic 860. Nasdaq ha concesso a Broadway un termine di 60 giorni di calendario per presentare un piano di conformit脿, con la possibilit脿 di estendere il termine fino a 180 giorni (16 febbraio 2026) se il piano verr脿 accettato.
La notifica non comporta un impatto immediato sulla quotazione Nasdaq di Broadway; la societ脿 intende tuttavia depositare il Form 10-Q prima della scadenza del piano di conformit脿 di 60 giorni.
Broadway Financial Corporation (NASDAQ: BYFC), sociedad matriz de City First Bank, recibi贸 el 21 de agosto de 2025 una notificaci贸n de Nasdaq por incumplimiento de la Listing Rule 5250(c)(1) debido al retraso en la presentaci贸n del Form 10-Q correspondiente al segundo trimestre de 2025.
El retraso se debe a que la compa帽铆a necesita tiempo adicional para evaluar los acuerdos de participaci贸n y su cumplimiento con el Accounting Standards Codification Topic 860. Nasdaq ha otorgado a Broadway 60 d铆as naturales para presentar un plan de cumplimiento, con posibilidad de pr贸rroga hasta 180 d铆as (16 de febrero de 2026) si el plan es aceptado.
La notificaci贸n no tiene un impacto inmediato en la cotizaci贸n de Broadway en Nasdaq; no obstante, la compa帽铆a pretende presentar el Form 10-Q antes del vencimiento del plazo de 60 d铆as para el plan de cumplimiento.
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Broadway Financial Corporation (NASDAQ: BYFC), soci茅t茅 m猫re de City First Bank, a re莽u le 21 ao没t 2025 une notification de Nasdaq pour non-conformit茅 脿 la Listing Rule 5250(c)(1) en raison du retard dans le d茅p么t de son Form 10-Q pour le deuxi猫me trimestre 2025.
Le retard provient du besoin d'un d茅lai suppl茅mentaire pour 茅valuer les accords de participation afin de v茅rifier leur conformit茅 脿 l'Accounting Standards Codification Topic 860. Nasdaq a accord茅 脿 Broadway 60 jours calendaires pour soumettre un plan de conformit茅, avec possibilit茅 de prolongation jusqu'脿 180 jours (16 f茅vrier 2026) si le plan est accept茅.
La notification n'a pas d'impact imm茅diat sur la cotation Nasdaq de Broadway ; la soci茅t茅 vise toutefois 脿 d茅poser le Form 10-Q avant la date limite du plan de conformit茅 de 60 jours.
Broadway Financial Corporation (NASDAQ: BYFC), Muttergesellschaft der City First Bank, erhielt am 21. August 2025 eine Mitteilung von Nasdaq wegen Nicht-Einhaltung der Listing Rule 5250(c)(1) infolge der versp盲teten Einreichung ihres Form 10-Q f眉r das zweite Quartal 2025.
Die Verz枚gerung ergibt sich daraus, dass das Unternehmen zus盲tzliche Zeit ben枚tigt, um Teilnahmevereinbarungen hinsichtlich der Einhaltung des Accounting Standards Codification Topic 860 zu pr眉fen. Nasdaq hat Broadway 60 Kalendertage f眉r die Einreichung eines Compliance-Plans gew盲hrt, mit der M枚glichkeit einer Verl盲ngerung auf bis zu 180 Tage (16. Februar 2026), falls der Plan akzeptiert wird.
Die Mitteilung hat keine unmittelbaren Auswirkungen auf die Nasdaq-Notierung von Broadway; das Unternehmen beabsichtigt jedoch, das Form 10-Q vor Ablauf der 60-Tage-Frist einzureichen.
- None.
- Failure to timely file Q2 2025 Form 10-Q with SEC
- Risk of potential delisting from Nasdaq if compliance is not achieved
- Accounting compliance issues requiring extended review period
Insights
Broadway Financial faces Nasdaq compliance issues due to delayed Q2 filings, requiring a remediation plan within 60 days to maintain listing.
Broadway Financial Corporation has received a non-compliance notice from Nasdaq for failing to file its Q2 2025 Form 10-Q within the required timeframe. This notification triggers regulatory concerns, though no immediate delisting action will occur. The company has been given 60 calendar days (until approximately October 20) to submit a compliance plan, which if accepted, could extend their remediation period to February 16, 2026.
The filing delay stems from the company needing additional time to evaluate its participation agreements for compliance with Accounting Standards Codification Topic 860, which governs transfers and servicing of financial assets. This suggests potential accounting complexities or possible irregularities in how certain assets have been recorded on their balance sheet.
While management expresses confidence they'll file before the 60-day deadline for submitting their compliance plan, investors should recognize this situation represents elevated regulatory risk. When financial institutions delay filings to review accounting standards compliance, it sometimes indicates more significant underlying issues that could potentially lead to restatements or adjustments to financial results.
The language noting "there can be no assurances that further delays... will not have an impact on the listing or trading" serves as a subtle warning that prolonged non-compliance could indeed threaten Broadway's Nasdaq listing status. Loss of a major exchange listing would significantly impact liquidity and institutional ownership capabilities for this financial institution.
Nasdaq's notice has no immediate effect on the listing or trading of the Company's shares on The Nasdaq Capital Market, although there can be no assurances that further delays in the filing of the Form 10-Q or the Company's other SEC reports will not have an impact on the listing or trading of the Company's common stock.
As previously disclosed on the Company's Form 12b-25 filed with the SEC on August 15, 2025, the Company was unable to complete and timely file the Form 10-Q because it requires additional time to evaluate its participation agreements for compliance with Accounting Standards Codification Topic 860 and the impact to the consolidated financial statements.听 As a result of this delay, the Company requires additional time to fully complete its review of the financial statements for the quarter ended June 30, 2025 for adequate disclosure of the information required to be included in the Form 10-Q.听
Nasdaq has provided the Company 60 calendar days from August 21, 2025, to submit a plan to regain compliance with Rule 5250(c)(1). If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until February 16, 2026, for filing the Form 10-Q to regain compliance.
The Company expects to file the Form 10-Q as promptly as reasonably practicable and prior to the 60-day deadline for submitting a compliance plan to Nasdaq.
About Broadway Financial Corporation
Broadway Financial Corporation conducts its operations through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading community-oriented bank in
Stockholders, analysts, and others seeking information about the Company are invited to write to:听Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150,
Cautionary Statement Regarding Forward-Looking Information
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company's beliefs and expectations relating to the submission of its plan to regain compliance with Rule 5250(c)(1) and the filing of the Form 10-Q. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual outcomes to differ materially from the outcomes expressed or implied by this press release. Such risks include, among others, Nasdaq rejecting the Company's plan to regain compliance or a material delay in the Company's financial reporting. All such factors are difficult to predict and may be beyond the Company's control. The Company undertakes no obligation and does not intend to update or revise any forward-looking statements contained herein, except as required by law or regulation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Contacts
Investor Relations
Zack Ibrahim, Chief Financial Officer, (202) 243-7100
[email protected]听
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SOURCE Broadway Financial Corporation
FAQ
Why did Broadway Financial (BYFC) receive a Nasdaq notification on August 21, 2025?
What deadline has Nasdaq given BYFC to resolve the compliance issue?
Will BYFC be immediately delisted from Nasdaq due to this notification?
What is causing the delay in BYFC's Form 10-Q filing?
When does Broadway Financial expect to file its delayed Q2 2025 Form 10-Q?
