ALFI, INC. : Other Events (form 8-K)

Published: 2022-01-24 16:32:06 ET ALF

On January 17, 2022, Alfi, Inc. (the "Company") submitted to The Nasdaq Stock Market ("Nasdaq") for review a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

As previously disclosed in the Company's Current Report on Form 8-K filed on November 24, 2021, the Company: (i) received a notice from the Listing Qualifications Department of Nasdaq on November 18, 2021, stating that the Company is not in compliance with the Rule because it did not timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the "Form 10-Q"); and (ii) had until January 17, 2022 to submit a plan to regain compliance with the Rule.

If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days (the "Extension Period") from the due date of the Form 10-Q, or until May 16, 2022, to regain compliance. The Company may regain compliance at any time during the Extension Period upon filing the Form 10-Q and any subsequent periodic filing that is due within the Extension Period.

There is no assurance, however, that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any Extension Period granted by Nasdaq. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. If the Company fails to timely regain compliance with the Rule, then the Company's securities will be subject to delisting from Nasdaq.