Stran & Company Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
29 August 2024 - 11:00PM
Stran & Company, Inc. ("Stran" or the "Company")
(NASDAQ: SWAG) (NASDAQ: SWAGW), a leading outsourced marketing
solutions provider that leverages its promotional products and
loyalty incentive expertise, today announced that it has received a
written notification (the “Notification Letter”) from the Listing
Qualifications staff of The Nasdaq Stock Market (“Nasdaq”) as a
result of its failure to file its Quarterly Report on Form 10-Q for
the quarter ended June 30, 2024 (the "Form 10-Q") in a timely
fashion. The Notification Letter advised the Company that it was
not in compliance with Nasdaq’s continued listing requirements
under the timely filing criteria established in Nasdaq Listing Rule
5250(c)(1).
As reported by the Company in its Form 12b-25
filed with the Securities and Exchange Commission (the “SEC”) on
August 15, 2024, the Form 10-Q cannot be filed within the
prescribed time period without unreasonable effort or expense
primarily because the Company was required to dismiss BF Borgers
CPA PC (“BF Borgers”) as the Company’s former independent
registered public accounting firm on May 13, 2024 as a result of an
SEC order (the “Order”) permanently barring BF Borgers and its sole
audit partner, Benjamin F. Borgers CPA, from appearing or
practicing before the SEC as an accountant, and needs additional
time to assess the impact of BF Borgers’ and Mr. Borgers’ conduct
as described in the Order on the Company’s financial statements for
prior fiscal periods.
Previously, Nasdaq granted the Company an
exception until December 16, 2024 to file its delinquent Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024 (the
"Initial Delinquent Filing"). As a result, any additional Nasdaq
exception will be limited to a maximum of 180 calendar days from
the due date of the Initial Delinquent Filing, or until December
16, 2024. In accordance with Nasdaq’s listing rules, the Company
has until September 24, 2024 to submit to Nasdaq an update to its
original plan to regain compliance with Nasdaq's listing rules.
As noted above, the Company is working
diligently to complete the Form 10-Q. The Company intends to file
the Form 10-Q as soon as practicable to regain compliance with the
Nasdaq Listing Rules.
No assurance can be given that the Company will
be able to regain compliance with the aforementioned listing
requirement or maintain compliance with the other continued listing
requirements set forth in the Nasdaq Listing Rules.
The Notification Letter has no immediate effect
on the listing of the Company’s common stock or warrants on The
Nasdaq Capital Market.
About StranFor over 29
years, Stran has grown to become a leader in the promotional
products industry, specializing in complex marketing programs to
help recognize the value of promotional products, branded
merchandise, and loyalty incentive programs as a tool to drive
awareness, build brands and impact sales. Stran is the chosen
promotional programs manager of many Fortune 500 companies, across
a variety of industries, to execute their promotional marketing,
loyalty and incentive, sponsorship activation, recruitment,
retention, and wellness campaigns. Stran provides world-class
customer service and utilizes cutting-edge technology, including
efficient ordering and logistics technology to provide order
processing, warehousing, and fulfillment functions. The Company’s
mission is to develop long-term relationships with its clients,
enabling them to connect with both their customers and employees in
order to build lasting brand loyalty.
Additional information about the Company is
available at: www.stran.com.
Forward Looking
StatementsThis press release contains
“forward-looking statements” that are subject to substantial risks
and uncertainties. All statements, other than statements of
historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
“anticipate,” “believe,” “contemplate,” “could,” “estimate,”
“expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,”
“predict,” “project,” “target,” “aim,” “should,” "will,” “would,”
or the negative of these words or other similar expressions,
although not all forward-looking statements contain these words.
Forward-looking statements are based on the Company’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. These and other risks and
uncertainties are described more fully in the section titled “Risk
Factors” in the Company’s periodic reports which are filed with the
Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
Contacts:
Investor Relations ContactCrescendo
Communications, LLCTel: (212) 671-1021SWAG@crescendo-ir.com
Press ContactHowie
Turkenkopfpress@stran.com
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