NEW YORK, May 22, 2015 (GLOBE NEWSWIRE) -- Liquid Holdings Group, Inc. (Nasdaq:LIQD), a provider of cloud-based investment management solutions for the financial community, announced today that it has received a notification letter from staff of the NASDAQ Listing Qualifications Department (the "Staff"), dated May 19, 2015, stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission (the "SEC"). The letter was issued in accordance with standard NASDAQ procedure, which provides that the Company's failure to timely file a quarterly report on Form 10-Q for the quarter ended March 31, 2015 ("Form 10-Q") could serve as a basis for the delisting of the Company's stock from the NASDAQ Global Market. The Company received a similar letter from NASDAQ when it failed to timely file its annual report on Form 10-K for the year ended December 31, 2014 (the "2014 10-K"). The Company intends to submit to the Staff a plan as to how it plans to regain compliance with NASDAQ's continued listing requirements. The NASDAQ notice specifies that this plan must be submitted by June 15, 2015. If the Staff accepts the Company's plan, it may grant an exception of up to 180 calendar days from the due date of the 2014 10-K, or until October 12, 2015, for the Company to regain compliance. If the Staff does not accept Liquid's plan, Liquid will have the opportunity to appeal that decision to a NASDAQ Hearings Panel. The NASDAQ notice has no immediate effect on the listing of Liquid's common stock on the NASDAQ Global Market.
On May 18, 2015, the Company filed a Form 12b-25 with the SEC stating that it was unable to file its Form 10-Q with the SEC within the prescribed time period because the Audit Committee of the Company's Board of Directors, with the assistance of outside legal counsel, is conducting an investigation into certain issues raised by counsel to one of the Company's shareholders, including allegations about the Company's former senior management. Because of the timing of this investigation, the Company remains unable to deliver certain material to its independent registered public accounting firm for them to complete their audit of the Company's 2014 consolidated financial statements. The Company is working diligently to complete the investigation process and intends to file the 2014 10-K and the Form 10-Q as soon as practicable once this process has been completed. In the interim, the Company remains focused on its business and continues to execute on its strategic initiatives and growth strategy.
About Liquid Holdings Group
Liquid Holdings Group, Inc. (Nasdaq:LIQD) is a cloud-based technology and managed services provider to the global hedge fund and active trading markets. Liquid's solutions are delivered efficiently and securely through the cloud in a SaaS model. The Liquid platform was purpose built to manage the entire trade lifecycle by seamlessly integrating multi-currency, multi-asset trade order management and execution with real-time risk, portfolio management and shadow account reporting through a single solution. The Company offers the Liquid platform or any of its components on a subscription basis to hedge fund managers, asset managers, family offices and financial institutions worldwide. Liquid was recently named Best EMS and Best New Cloud Application by HFM, 2014 Best Global Risk Management Software Company and Best USA Global Risk Management Software Company by the readers of Hedgeweek, as well as 2014 Best Cloud Provider and Best Fin Tech Operations Startup by FTF News.
Headquartered in Hoboken, New Jersey, Liquid Holdings Group was formed in 2012. For more information, please visit www.liquidholdings.com.
Cautionary Statement Concerning Forward Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These statements include, among others, statements relating to the Company's ability to complete its ongoing internal investigation, file its Forms 10-Q and 2014 10-K, regain compliance with the NASDAQ listing rules and carry out its strategic initiatives and growth strategy. These statements are based on Liquid's beliefs and assumptions, which in turn are based on currently available information. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond the Company's ability to control or predict and you should be aware that the occurrence of certain events, including those referenced in the sections titled "Risk Factors" in our 2013 Form 10-K or our subsequent Quarterly Reports on Form 10-Q, could harm the Company's business, prospects, results of operations, liquidity and financial condition and cause its stock price to decline significantly. Except as required by applicable law, the Company is under no obligation to publicly update or revise any forward-looking statements.
CONTACT: Contact for Investor Relations: Monica Gould The Blueshirt Group +1 212 871-3927 firstname.lastname@example.org Contact for Media Relations: Jon Schubin Cognito +1 646 395-6300 Liquid@cognitomedia.com
Source:Liquid Holdings Group, Inc.