The Company can regain compliance with the NYSE listing standards before December 30, 2016 by filing both Forms 10-Q prior to that date. If the Company fails to file the Forms 10-Q by December 30, 2016, 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 if the Company is not in compliance with all of the Exchange's continued listing standards within the respective timeframes provided or does not make progress consistent with the Plan during the Revised Plan Period, the Exchange staff will initiate delisting proceedings as appropriate. The Company may appeal a staff determination to initiate delisting proceedings in accordance with Section 1010 and Part 12 of the Company Guide.
The Company primarily attributes the delay in filing the Forms 10-Q for both periods ended June 30, 2016 and September 30, 2016 to the additional time needed by it to complete the audit of the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 (the "Form 10-K"). The Company intends to file the Form 10-Q for the period ended June 30, 2016 as soon as reasonably practicable. The Company also intends to complete preparation and file the Form 10-Q for the period ended September 30, 2016 as soon as reasonably practicable after filing the Form 10-Q for the period ended June 30, 2016. The Company is working diligently to prepare the Form 10-Q for June 30, 2016 and provide its independent auditors with the necessary information to complete their review. The Company has no disagreements with its auditors and expects and intends to complete the separate filings of the Form 10-Q for June 30, 2016 and September 30, 2016 at the earliest possible dates, which the Company fully expects to be in advance of the period allowed by the NYSE.
Until the Company files both Forms 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 filings of the Form 10-Q for the period ended June 30, 2016 and the Form 10-Q for the period ended September 30, 2016. 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 for our fiscal year ended December 31, 2015 and our other filings with the SEC, including subsequent 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.
Contact: Tucker Gagen
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SOURCE JRJR Networks