BASSETT, Va.—Bassett Furniture has received a notification from the NASDAQ Stock Market regarding non-compliance with the exchange’s rules for continued listing.
According to a statement from the furniture manufacturer, the non-compliance stems from its failure to file its form 10-Q for its fiscal quarter ending May 30 with the U.S. Securities and Exchange Commission. NASDAQ informed Bassett that the manufacturer has until Sept. 14 to submit a plan to regain compliance with the exchange’s continued listing standards. On July 9, Bassett issued a statement that said it would delay the release of its second-quarter financial results until it resolves issues brought up by SEC in a routine three-year review regarding the company’s accounting process and methodology related to its accounts- and notes-receivables reserves.
In this morning’s statement, Bassett said it expects the issues with the SEC to be resolved soon, and that it would file the 10-Q within the next few weeks. The notification has no current effect on Bassett’s stock listing on the NASDAQ, the company added.