Broadway Financial receives non compliance letter from Nasdaq

Broadway Financial (BYFC), parent company of City First Bank, National Association, announced it received a letter from The Nasdaq Stock Market, dated November 20, informing the Company that it is not in compliance with Nasdaq Listing Rule 5250 for continued listing on The Nasdaq Capital Market because its Quarterly Report on Form 10-Q for the quarter ended September 30 was not filed within the time period prescribed by the SEC rules. Nasdaq’s notice has no immediate effect on the listing or trading of the Company’s shares on The Nasdaq Capital Market, although there can be no assurances that further delays in the filing of the Q3 Form 10-Q or the Company’s other SEC reports will not have an impact on the listing or trading of the Company’s common stock. As previously disclosed on the Company’s Form 12b-25 filed with the SEC on November 14 the Company was unable to complete and timely file the Q3 Form 10-Q due to the evaluation of its sold loan participation accounting in accordance with Accounting Standards Codification Topic 860 and its impact to the consolidated financial statements. As a result of this delay, the Company requires additional time to fully complete its review of the financial statements for the quarter ended September 30, 2025 for adequate disclosure of the information required to be included in Q3 the Form 10-Q. The Company expects to provide the updated compliance plan to Nasdaq and to file the Q3 Form 10-Q as promptly as reasonably practicable.