Cherokee receives Nasdaq listing warning, plans to file 10-K on May 11
Cherokee announced Friday that on May 3 it received a notice from NASDAQ stating that the company is not in compliance with listing rules because the company did not timely file its annual report on Form 10-K for its year ended January 28, 2017. The notice has no immediate effect on the listing or trading of Cherokee's common stock. "As previously disclosed, the delay relates to the financial results of the Hi-Tec family of footwear brands Cherokee acquired in December 2016, which are required to be included in the company's consolidated financial statements to be contained in the annual report. The complexity of the integration and consolidation of the acquired assets has necessitated substantial additional review procedures and staff work, which has required more time for the company to complete its consolidated financial statements for the period... Cherokee expects to file its Form 10-K as soon as reasonably practicable and intends to do so on May 11, which would result in regained compliance," the company noted.