Debt Buyer Asta Funding Receives Non-Compliance Letter; Stock Subject to Being De-Listed

Asta Funding announced yesterday that it has received a letter from the Nasdaq Stock Market stating that the company is not in compliance because it has not yet filed its 10-Q quarterly report for the period ending June 30, 2018.

Failing to file the report could lead to Nasdaq de-listing Asta from the exchange. The company did not provide a reason why it has not yet filed the 10-Q report nor did it provide a timeline for doing so going forward.

The Nasdaq Hearings Panel will “consider the matter” and make a decision about whether the company’s shares should continue to be listed on Nasdaq’s exchange. The company did say in the release that it “intends to present its views with respect to the additional delinquency” at the panel hearing.

Asta Funding maintains three lines of business, one of which is purchasing defaulted and delinquent consumer debts. The purchases are made through Palisades Acquisitions LLC, a subsidiary of Asta Funding.

Last month, the company received a similar non-compliance letter from Nasdaq, with respect to the filing of its annual report for the fiscal year ending Sept. 30, 2017, and quarterly reports from Dec. 31, 2017, and March 31, 2018. At that time, Asta said it would be requesting a panel hearing so it could “present its plan to evidence compliance with the Rule and request the continued listing of its securities on Nasdaq pending its return to compliance.”


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