Jamba Gets Nasdaq Staff Determination Letter and Requests Hearing

Jamba (JMBA), a restaurant retailer, said Tuesday morning that it obtained a letter from the Nasdaq Stock Market notifying the company that since it remains delinquent in filing its annual report for the fiscal year ended Jan. 3, and its quarterly reports for the quarterly periods ended April 4 and July 4, it has not regained compliance with the Nasdaq listing rule that requires timely filing of periodic reports.

Previously, Nasdaq granted the company an extension until Sept. 18, to file all delinquent periodic reports.

As described in the letter, as a result of the continued delinquency, the company’s common stock is subject to delisting unless the company timely requests a hearing before a Nasdaq hearings panel.

The company said it will request a hearing before the panel to present its plan for regaining compliance with the rule and request continued listing pending its return to compliance. The hearing request automatically stays the delisting for a period of 15 calendar days from the date of the deadline to request a hearing.

The company said that it will present to the panel to grant the company an extension of time within which to regain compliance with the rule for a period of up to 360 days from the original due date of the company’s first late filing.

Shares closed at $9.10 on Monday, down nearly 12% since the beginning of the year.

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