Stran & Company Responds to Nasdaq Notification on Filing Delay
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Stran & Company Notified by Nasdaq Over Delayed Filing
Stran & Company, Inc. (NASDAQ: SWAG) (NASDAQ: SWAGW), a leading outsourced marketing solutions provider specializing in promotional products and loyalty incentives, has received written notification from the Listing Qualifications staff of The Nasdaq Stock Market concerning a filing delay for its Quarterly Report on Form 10-Q. This notification, termed the Notification Letter, stems from the company’s failure to submit the Form 10-Q for the quarter ended June 30, 2024, in a timely manner.
Details of the Notification Letter
The Notification Letter indicates that Stran is currently not in compliance with Nasdaq’s continued listing requirements, specifically under the timely filing criteria established in Nasdaq Listing Rule 5250(c)(1). The delay in filing was primarily due to the necessity of dismissing BF Borgers CPA PC as the independent registered public accounting firm for Stran, following an SEC order barring them and their sole audit partner from practicing before the SEC. This situation required the company additional time to evaluate how the conduct of BF Borgers and its partners affected its financial statements from previous fiscal periods.
Previous Extensions Granted by Nasdaq
Earlier, Nasdaq provided Stran with an extension until December 16, 2024, to file its delinquent Quarterly Report on Form 10-Q for the quarter ending March 31, 2024. Consequently, any additional exceptions that could be granted by Nasdaq will be limited to a maximum of 180 calendar days from the due date of the initial filing. Stran must submit an update regarding compliance efforts by September 24, 2024.
Stran's Efforts to Achieve Compliance
The company is diligently working to complete the Form 10-Q and intends to file it as soon as practicable in hopes of regaining compliance with Nasdaq’s listing rules. Despite the Notification Letter, it is important to note that this correspondence does not immediately impact the listing status of Stran’s common stock or warrants on The Nasdaq Capital Market.
Stran’s Commitment and Industry Leadership
Stran has a storied history of over 29 years in the promotional products industry, carving a niche as a leader in complex marketing programs. The company emphasizes the importance of promotional products and branded merchandise as tools to drive brand awareness, increase sales, and foster loyalty. Stran serves Fortune 500 companies across diverse industries, executing promotional marketing, loyalty incentives, sponsorships, recruitment, and wellness campaigns.
Innovative Customer Service and Technology
Stran prides itself on world-class customer service and the use of cutting-edge technology. The company’s operational strengths include efficient ordering processes, logistics technology, warehousing, and fulfillment capabilities, all aimed at enhancing client satisfaction. Their mission revolves around nurturing lasting relationships with clients, enabling them to connect with customers and employees alike, thus fostering brand loyalty.
Contact Information
For further inquiries, individuals can reach out to Stran's Investor Relations contact at Crescendo Communications, LLC, by calling (212) 671-1021 or by emailing SWAG@crescendo-ir.com. Press inquiries can be directed to Howie Turkenkopf at press@stran.com.
Frequently Asked Questions
What was the reason for the Nasdaq Notification Letter?
The Notification Letter was issued due to Stran's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
How does this impact Stran's stock?
Currently, the Notification Letter does not have an immediate effect on the listing of Stran’s common stock or warrants on The Nasdaq Capital Market.
What is Stran's plan to regain compliance?
Stran is diligently working to complete the overdue Form 10-Q and plans to file it as soon as possible to regain compliance with Nasdaq listing rules.
When is the deadline for submission to Nasdaq?
Stran has until September 24, 2024, to submit an update regarding its efforts to regain compliance.
What services does Stran offer?
Stran specializes in promotional products, marketing programs, loyalty incentives, and a range of services tailored for Fortune 500 companies to enhance brand awareness and customer engagement.
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