DALLAS, May 24, 2016 /PRNewswire/ -- On May 23, 2016, JRjr33 Inc., doing business as JRJR Networks [NYSE MKT: JRJR], notified the NYSE MKT LLC (the "NYSE") that it did not expect to timely file its Quarterly Report on Form 10-Q ("Form 10-Q") with the SEC. On May 23, 2016, the Company received a letter from the NYSE notifying the Company that it is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Form 10-Q with the SEC.
The Company primarily attributes the delay in filing the Form 10-Q to additional time needed by it to compile and review certain information and consequently to provide such financial information to its auditors so that they can complete their audit of the financial statements to be included in the Company's Annual Report to be filed on Form 10-K for the year ended December 31, 2015 (the "Form 10-K") prior to completing the Form 10-Q. The Company intends to file the Form 10-Q and Form 10-K as soon as reasonably practicable after completion of the audit as well as the quarterly report. The Company continues to work diligently with its independent auditors to provide all the necessary information, including finalization of all adjustments and supporting analysis, so they can complete the audit of financial statements for the year ended December 31, 2015 and review for the quarter ended March 31, 2016. The Company has no disagreements with its auditors and expects and intends to complete the filing of the Form 10-Q at the earliest possible date, which the Company fully expects to be well in advance of the period allowed by the NYSE.
The Company submitted a plan to the NYSE on May 16, 2016 advising of actions it has taken or will take to regain compliance with the continued listed standards. The Company can regain compliance with the NYSE listing standards before October 17, 2016 by filing the Form 10-K and 10-Q with the SEC prior to that date. If the Company fails to file the Form 10-K or Form 10-Q by the NYSE's compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months for the Company to regain compliance, depending on the specific circumstances. The letter from the NYSE also notes that the NYSE may nevertheless commence delisting proceedings at any time if it deems that the circumstances warrant.
Until the Company files the Form 10-K and Form 10-Q, the Company's common stock will remain listed on the NYSE under the symbol "JRJR," but will be assigned a late filer ("LF") indicator to signify late filing status and the Company will be posted to the late filers list on the Listing Standards Filing Status page on the NYSE website.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology and include statements regarding the expected timing of the filing of the Form 10-K and Form 10-Q . These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to expand leadership activities in support of our sales, our ability to continue to grow, and the other risks outlined under "Risk Factors" in our Annual Report on Form 10-K/A for its fiscal year ended December 31, 2014 and its other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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SOURCE JRJR Networks