PFSweb, a premier eCommerce order fulfillment provider, today provided an update on its request for a hearing before the Nasdaq Hearings Panel (the “Panel”) and an extended stay of the delisting determination issued by the Nasdaq Stock Market on February 8, 2022 as a result of the delayed filing of the Company’s Form 10-Q for the period ended September 30, 2021.
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On February 15, 2022, PFS was notified that the hearing has been scheduled for March 17, 2022, and on February 24, 2022, PFS submitted various written information requested by the Panel in advance of the hearing. On February 28, 2022, PFS received notice from the Panel that it has granted an extended stay of the delisting determination until the hearing on March 17, 2022. At the hearing, the Company will present its plan to regain compliance with Nasdaq Listing Rule 5250(c)(1), and request the continued listing of its common stock on the Nasdaq Capital Market pending such compliance.
As previously disclosed, the delay in the filing of the Company’s Q3 2021 financials is a 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 financial reporting and accounting segmentation of previously commingled business entities. The delay is not related to any historical issues with PFSweb’s accounting practices or the underlying financial performance of the ongoing PFS business.
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