BOCA RATON, Fla., June 26, 2025 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY) ("FlexShopper"), a leading provider of lease-to-own (LTO) payment solutions, today announced that on June 18, 2025, it received notification from The Nasdaq Stock Market LLC ("Nasdaq") that Nasdaq approved the Company's request for a 180-calendar day extension (the "Extension") to regain compliance with Listing Rule 5250(c)(1) (the "Rule"). The Rule requires timely filing of all required periodic financial reports with the U.S. Securities and Exchange Commission.
The Extension was granted following Nasdaq's review of materials submitted by the Company on June 16, 2025. Based on this review, the Nasdaq Staff determined to provide an exception, allowing FlexShopper additional time to achieve compliance with the Rule.
FlexShopper is working with its independent auditor and external advisors to complete its annual audit for the fiscal year ended December 31, 2024. The Company expects to provide an update on the status of its delayed 2024 financial filings in the near term.
During the New Compliance Period, FlexShopper's common shares will continue to trade on the Nasdaq Stock Market. If at any time before October 13, 2025, the Company files its Form 10-K for the period ended December 31, 2024 and its Form 10-Q for the period ended March 31, 2025, it is expected that Nasdaq would notify the Company that it has regained compliance with the Listing Rule 5250(c)(1). In the event the Company does not file its Form 10-K for the period ended December 31, 2024 and its Form 10-Q for the period ended March 31, 2025 by October 13, 2025, the Company may be subject to delisting of the common shares from the Nasdaq, at which time the Company may request a review of the delisting determination by a Nasdaq Hearings Panel.
About FlexShopper
FlexShopper, Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer online marketplace at Flexshopper.com and in partnership with merchants both online and at brick-and-mortar locations. FlexShopper's solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own and lending products.
Forward-Looking Statements
All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate," or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of the annual audit and filing of the Company's 10-K and 10-Q, the continued listing on the Nasdaq Stock Market, and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.
Company Contact:
FlexShopper, Inc.
Investor Relations
ir@flexshopper.com
Investor and Media Contact:
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
andrew@smberger.com
