HF Foods Group Receives Notification Letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC
On May 12, 2022, HF Foods Group Inc. received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of the Company's delay in filing its Annual Report on Form 10-Q for the three months ended March 31, 2022 (the "Form 10-Q"), and because the Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2021 (the "Form 10-K"), the Company is not in compliance with the timely filing requirements for continued listing under Nasdaq Listing Rule 5250(c)(1). The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. As previously disclosed on April 7, 2022, the Company received a notification letter from the Listing Qualifications Department of Nasdaq on April 1, 2022 (the "Initial Notification Letter") relating to the Company's delay in filing the Form 10-K. The Initial Notification Letter stated that, under Nasdaq rules, the Company has 60 calendar days, or until May 31, 2022, to submit a plan to regain compliance with Nasdaq's continued listing requirements. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days, or until September 27, 2022 to regain compliance. The Company can also regain compliance with Nasdaq's continued listing requirements at any time before May 31, 2022, by filing the Form 10-K with the Securities and Exchange Commission (the "SEC"), as well as any subsequent periodic financial reports that may become due, and continuing to comply with Nasdaq's other continued listing requirements. The Company intends to file with the SEC the Form 10-K and the Form 10-Q and regain compliance with Nasdaq's continued listing requirements as soon as practicable. The Company filed a Notification of Late Filing on Form 12b-25 on May 11, 2022, indicating that the filing of the Form 10-Q would be delayed primarily to its ongoing review of the accounting treatment relating to the Company's business combination with B&R Global Holdings Inc. on November 4, 2019 in response to a SEC comment letter.