Stran & Company Receives Nasdaq Notification for Delayed Filing
Stran & Company, Inc. (NASDAQ: SWAG) (NASDAQ: SWAGW), a prominent provider of outsourced marketing solutions focusing on promotional products and loyalty incentives, has been formally notified by the Listing Qualifications staff of The Nasdaq Stock Market regarding a delay in filing its Quarterly Report on Form 10-Q. This notification, referred to as the Notification Letter, arises from the company’s inability to submit the Form 10-Q for the quarter that ended on June 30, 2024, within the required timeframe.
Understanding the Notification Letter
The Notification Letter reveals that Stran is currently not meeting Nasdaq’s continued listing requirements, particularly concerning the timely filing criteria set forth in Nasdaq Listing Rule 5250(c)(1). The filing delay was mainly due to the need to dismiss BF Borgers CPA PC as Stran's independent registered public accounting firm, following an SEC order that barred them and their sole audit partner from practicing before the SEC. This situation necessitated additional time for the company to assess how the actions of BF Borgers and its partners might have impacted its financial statements from prior fiscal periods.
Extensions Previously Granted by Nasdaq
Previously, Nasdaq had granted Stran an extension until December 16, 2024, to file its overdue Quarterly Report on Form 10-Q for the quarter ending March 31, 2024. Therefore, any further exceptions that Nasdaq might provide will be restricted to a maximum of 180 calendar days from the original filing due date. Stran is required to submit an update on its compliance efforts by September 24, 2024.
Stran's Commitment to Compliance
The company is actively working to finalize the Form 10-Q and aims to submit it as soon as possible in order to regain compliance with Nasdaq’s listing regulations. It’s important to highlight that, despite the Notification Letter, this communication does not immediately affect the listing status of Stran’s common stock or warrants on The Nasdaq Capital Market.
Stran’s Dedication and Leadership in the Industry
With a rich history spanning over 29 years in the promotional products sector, Stran has established itself as a leader in complex marketing programs. The company underscores the significance of promotional products and branded merchandise as essential tools for enhancing brand awareness, boosting sales, and cultivating customer loyalty. Stran provides services to Fortune 500 companies across various industries, implementing promotional marketing, loyalty incentives, sponsorships, recruitment, and wellness campaigns.
Exceptional Customer Service and Advanced Technology
Stran takes pride in offering top-notch customer service along with the use of innovative technology. The company’s strengths lie in its efficient ordering processes, logistics technology, warehousing, and fulfillment capabilities, all designed to improve client satisfaction. Their mission focuses on building lasting relationships with clients, enabling them to connect effectively with their customers and employees, thereby enhancing brand loyalty.
Contact Information
For more information, interested parties can contact Stran's Investor Relations through Crescendo Communications, LLC, by calling (212) 671-1021 or emailing SWAG@crescendo-ir.com. Press inquiries should be directed to Howie Turkenkopf at press@stran.com.
Frequently Asked Questions
What prompted the Nasdaq Notification Letter?
The Notification Letter was issued because Stran did not file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2024, on time.
What is the impact on Stran's stock?
At this time, the Notification Letter does not have an immediate impact on the listing status of Stran’s common stock or warrants on The Nasdaq Capital Market.
What steps is Stran taking to regain compliance?
Stran is working diligently to complete the overdue Form 10-Q and plans to file it as soon as possible to restore compliance with Nasdaq's listing rules.
When must Stran submit its compliance update?
Stran must provide an update on its compliance efforts by September 24, 2024.
What services does Stran provide?
Stran specializes in promotional products, marketing programs, loyalty incentives, and various services tailored for Fortune 500 companies to enhance brand awareness and engage customers effectively.
