America’s Car-Mart receives notice of non-compliance from Nasdaq

America’s Car-Mart (CRMT) received an expected notice from the Listing Qualifications Staff of The Nasdaq Stock Market indicating that, as a result of not having timely filed the Company’s Annual Report on Form 10-K for the fiscal year ended April 30 with the Securities and Exchange Commission, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) which requires timely filing of all required periodic financial reports with the SEC. The Notice was issued because, as previously disclosed in the Company’s Form 12b-25 filed on July 15, the Company indicated that the filing of its Annual Report would be delayed beyond the prescribed due date due to management’s identification of the need to include required disclosures related to loan modifications for borrowers experiencing financial difficulty in accordance with Financial Accounting Standards Board Accounting Standards Codification 310-10-50-42 through 50-44 in its Annual Report. On July 30,, the Company issued a press release and filed a Current Report on Form 8-K disclosing that management had determined that additional time would be needed to complete the omitted disclosures and to address identified material weaknesses and that the Company was unable to file the Annual Report within the extension period, which ended July 29. The Notice is not expected to have an immediate effect on the listing or trading of the Company’s common stock on Nasdaq. The Notice indicated that the Company must submit a plan to regain compliance with the Listing Rule within 60 calendar days, or by September 29, and following receipt of such plan, Nasdaq may grant an exception of up to 180 calendar days from the Annual Report due date, or until January 26, 2026, for the Company to regain compliance.