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. RCI intends to regain compliance and file its 10?K as soon as practicable. Nasdaq's letter has no immediate effect on the listing of RCI common stock on the Nasdaq Stock Market.
Nasdaq's January 2, 2018 letter was sent as RCI has not yet filed its Annual Report on Form 10-K for the year ended September 30, 2017. The 10-K was due December 29, 2017 with the Rule 12b-25 extension.
Under Nasdaq's rules, the company has 60 days from receipt of the letter to file its 10-K or submit a plan to regain compliance with continued listing requirements. If Nasdaq accepts the plan, it may grant an exception of up to 180 calendar days from the Form 10-K's due date, or up to June 27, 2018, to regain compliance. RCI may regain compliance at any time during the 180-day period upon filing its 10-K as well as all subsequent required periodic financial reports due within that period. If Nasdaq does not accept the company's plan, RCI will have the opportunity to appeal that decision to a Nasdaq panel.