FlexShopper Faces Nasdaq Delisting, Requests Hearing by March 27

FlexShopper (NASDAQ:FPAY) has received a Nasdaq delisting notice, initiating a process to delist its common stock. The company must request a hearing to appeal the delisting process by March 24, 2023. Failure to do so will result in the delisting of its shares on Nasdaq.

FlexShopper Inc. (NASDAQ: FPAY) has seen its stock plunge after Nasdaq initiated a delisting process due to the company's failure to file required financial reports. The Nasdaq Stock Market's Listing Qualifications Department began the delisting process on October 14, citing FlexShopper's non-compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely filing of periodic financial reports with the Securities and Exchange Commission (SEC), according to an Investing.com report https://www.investing.com/news/stock-market-news/flexshopper-stock-tumbles-after-nasdaq-initiates-delisting-process-93CH-4295664.

The company missed the October 13 deadline for submitting its 2024 annual report and quarterly reports for the first and second quarters of 2025. Unless FlexShopper requests a hearing by October 21, trading of its common stock will be suspended from the Nasdaq Capital Market at market open on October 23, with subsequent removal from listing and registration, the report says.

FlexShopper operates a lease-to-own platform for durable goods and has not publicly disclosed reasons for the delayed financial filings. The company has stated it does not plan to appeal the delisting decision.

Investors and financial professionals should closely monitor the situation, as the delisting process could have significant implications for FlexShopper's stock and market presence. The delisting process is a formal procedure that Nasdaq follows when a company fails to meet its listing requirements, and it can lead to the suspension and eventual removal of the company's shares from the exchange.