Home Fashion Industry Financial PFSweb Announces Receipt of Nasdaq Delisting Notice

PFSweb Announces Receipt of Nasdaq Delisting Notice

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ALLEN, Texas, Feb. 09 28, 2022 (GLOBE NEWSWIRE) — PFS (NASDAQ: PFSW) (the “Company”), a leading e-commerce fulfillment provider, today announced that, as scheduled, on February 8, 2022, it has received a Notice of Determination (the “Notice”) from the Listing Qualifications Department staff of The Nasdaq Stock Market LLC (the “Nasdaq Staff”) stating that unless the Company requests a hearing before the Committee Hearing Panel (the “Panel”) by February 15, 2022, trading in the Company’s common stock would be suspended and subject to debarment due to its failure to meet the Nasdaq filing requirement, as noted in Registration Rule 5250(c)(1) (the “Rule”). was issued in accordance with standard Nasdaq procedures due to the company’s late filing of Form 10-Q for the period ended September 30, 2021.

The Company intends to request, by the February 15, 2022 deadline, a hearing before the Panel to request a stay of the Staff’s disbarment decision (the “Request”). As a result of the filing of the Request, the delisting of the ordinary shares of the Company will be automatically suspended for fifteen days from the date of the Request. If the Panel grants the Company’s stay request, any final strike action will still be stayed until at least the Panel’s final decision after the hearing. At the hearing, which is usually held within 30 to 45 days of the request, the Company will present its plan to return to compliance with the Rule and request that the listing of its common stock be maintained on the Nasdaq Capital Market in waiting for this conformity. There can be no assurance that the Panel will comply with Company’s requests.

If the company does not file a timely application, Nasdaq staff will suspend trading of its common stock on the Nasdaq Capital Market at the opening of business on February 17, 2022 and take action with the Securities and Exchange. Fee for withdrawing common stock from the company. listing on the Nasdaq Global Market.

As previously reported, the delay in filing the Company’s financial statements for the period ending September 30, 2021 is the result of the complex tax implications and labor-intensive closing process associated with the sale of the LiveArea business unit on August 25, 2021. , and the required accounting and accounting segmentation of the previously combined business entities. The delay is not related to any historical issues with PFSweb’s accounting practices or the underlying financial performance of the ongoing PSF business.

This announcement is made pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a delisting notification.

About PSF

PFS, the business unit of PFSweb, Inc. (NASDAQ: PFSW) is a leading e-commerce order fulfillment provider. We facilitate every operational step of an e-commerce order in support of DTC and B2B retail brands and specialize in health and beauty, fashion and apparel, jewelry and consumer packaged goods. Our scalable solutions support personalized pick/pack/ship services that uphold brand ethics with every order. A proven order management platform, along with top-notch customer service, backs up our operation. With over 20 years as an industry leader, PFS is the BPO of choice for brand-focused companies and household brand names, such as L’Oreal USA, Champion, Pandora, Shiseido Americas, Kendra Scott , United States Mint, and many more. . The company is headquartered in Allen, TX, with additional locations around the world. For more information, visit www.pfscommerce.com or ir.pfsweb.com for investor information.

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