The Nasdaq has warned Broadway Financial Corp that the company is in danger of being delisted from the exchange.
The Los Angeles company said in a Monday press release that it has not completed its third-quarter financial statements. Broadway is also late filing its quarterly report with the Securities and Exchange Commission due to unresolved issues tied to "when a payment is due under the tax sharing agreement" between Broadway and unit Broadway Federal Bank, among other things.
Broadway Financial has 60 calendar days from Nov. 22, when it received the warning letter, to provide the Nasdaq with a plan for submitting its late filing. Broadway said it expects to submit the SEC filing "in the near future."
The $422.2 million-asset company has disclosed a third-quarter net loss of $7.5 million, or $4.47 a share. The loss widened from a year earlier, when the company lost $156,000.