RCI Receives Anticipated Nasdaq Letter
HOUSTON—August 14, 2019—RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has received, as anticipated, a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the company of its noncompliance with Listing Rule 5250(c)(1), which requires the timely filing of reports with the SEC. Nasdaq's August 12, 2019 letter was sent as RCI has not yet filed its Form 10-Q for the third quarter ended June 30, 2019.
As previously announced, RCI had submitted a plan on July 16, 2019 to Nasdaq detailing plans to regain compliance with Listing Rule 5250(c)(1) as it had not yet filed its Form 10-Q for the second quarter ended March 31, 2019. As a result of this additional delinquency, the company must submit no later than August 27, 2019 an update to its original plan to regain compliance with respect to the filing requirement. If the updated plan is accepted, Nasdaq may grant RCI an extension of up to 180 calendar days from the second quarter 10-Q's due date, or until November 6, 2019, to regain compliance.
RCI intends to regain compliance and file its 10-Qs as soon as practicable. Nasdaq's letter has no immediate effect on the listing of RCI common stock.
This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company's actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
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