FlexShopper Receives Nasdaq Deficiency Notice Over Delayed Q2 2025 Form 10-Q Filing

FlexShopper received a deficiency notification from Nasdaq due to its delayed filing of the Q2 2025 Form 10-Q. The company had previously been granted an exception to file its delinquent Form 10-K and Form 10-Q, but must now submit an updated plan to regain compliance within 180 calendar days from the due date of the Initial Delinquent Filing. FlexShopper will continue to work diligently to complete and file the required forms as soon as practicable.

FlexShopper (Nasdaq: FPAY), a financial technology company specializing in lease-to-own (LTO) and lending solutions, has received a deficiency notification from Nasdaq due to its delayed filing of the Q2 2025 Form 10-Q. The company was previously granted an exception to file its delinquent 2024 Form 10-K and Q1 2025 Form 10-Q, but must now submit an updated compliance plan to regain compliance within 180 calendar days from the due date of the initial delinquent filing [1].

FlexShopper attributes the delay to needing additional time to complete accounting and internal control processes. The company has now missed filing its 2024 annual report, Q1 2025 quarterly report, and Q2 2025 quarterly report, triggering Nasdaq Listing Rule 5250(c)(1) violations. This pattern of delinquencies suggests potential deeper issues with the company's financial reporting infrastructure [1].

The Nasdaq has given FlexShopper until October 13, 2025, representing the maximum 180-day exception period, to resolve all delinquent filings. The company must now submit an updated compliance plan to Nasdaq, indicating the situation has escalated beyond routine regulatory matters [1].

FlexShopper's explanation that the delay relates to completing "customary accounting and internal control processes" raises red flags about potential financial reporting or internal control weaknesses. The vague wording and lack of specific timeline for resolution compound uncertainty. The company's explicit statement that it "can provide no assurance as to their timing" further signals that this is not merely a procedural delay but potentially a more substantive issue that could impact investor confidence and the company's public listing status [1].

FlexShopper will continue to work diligently to complete and file the required forms as soon as practicable. The company's forward-looking statements highlight the risks and uncertainties associated with the timing of its submission of a compliance plan and the potential inability to meet Nasdaq's requirements [2].

References:
[1] https://www.stocktitan.net/news/FPAY/flex-shopper-receives-notification-of-deficiency-from-nasdaq-related-qs034xo6e26d.html
[2] https://www.stocktitan.net/news/FPAY/