Jamba says to file FY16 10-K, Q1 10-Q 'as soon as is practicable'
The delay in completion of the Company's financial statements has been primarily caused by transition issues stemming from the Company relocation of its headquarters from Emeryville, California to Frisco, Texas in the second half of 2016. While the Company had implemented a transition plan to mitigate the risk relating to the relocation, the relocation and resulting replacement and training of personnel Company wide and transition of Company operating knowledge created unanticipated difficulties and delays in completing the Company's year-end financials. The Company's delay was also contributed to, in part, by the complexities with addressing the number of Company non-routine transactions which occurred in 2016, many of which related to the Company's transition. In March 2017, in response to the Company's late 2016 Form 10-K filing, the Company received a letter from Nasdaq notifying it of its failure to comply with Nasdaq listing rules relating to the timely filing of periodic reports with the Securities and Exchange Commission. In May 2017, in response to the Company's late Form 10-Q filing for its Q1.2017, the Company received an additional similar letter from Nasdaq relating to such filing. The Company thereafter submitted its plan to regain compliance for continued listing, to which Nasdaq has provided the Company until September 18, 2017 to regain compliance with Nasdaq's filing requirements for continued listing. The Company expects to file its fiscal year 2016 Form 10-K and Form 10-Q for the first quarter of fiscal 2017, as soon as is practicable, with timing contingent on completion of financial statements and their subsequent audit and review, respectively.