VIRGINIA BEACH, Va., March 16, 2018 (GLOBE NEWSWIRE) — Liberty Tax, Inc. (NASDAQ:TAX), the ancestor aggregation of Liberty Tax Service, appear today that it accustomed a apprehension (the “Notice”) from the Advertisement Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) on March 15, 2018 advertence that the Company’s abortion to book its Form 10-Q for the division concluded January 31, 2018 constituted an added crime beneath Nasdaq Advertisement Rule 5250(c)(1), which requires appropriate filing of alternate letters with the Balance and Exchange Commission (“SEC”). The Aggregation ahead appear in a Form 8-K filed with the SEC on December 19, 2017 that the Aggregation had accustomed a apprehension from Nasdaq advertence that the Aggregation was not in acquiescence with Nasdaq Advertisement Rule 5250(c)(1) due to the Company’s abortion to book its Form 10-Q for the division concluded October 31, 2017.
As ahead appear in the Company’s Form 8-K filed with the SEC on December 11, 2017, KPMG LLP accommodated as the Company’s absolute accessible accounting firm, able December 8, 2017. The Aggregation has accomplished a adjournment in the achievement of its banking statements and added accompanying apparatus of its Form 10-Qs for the abode concluded October 31, 2017 and January 31, 2018 due to the abandonment of KPMG.
Nasdaq a the Aggregation in the Apprehension that the Aggregation will accept until June 11, 2018 to book the Form 10-Qs for the abode concluded October 31, 2017 and January 31, 2018 with the SEC to achieve acquiescence with Nasdaq Advertisement Rule 5250(c)(1). The Aggregation continues to assignment agilely to appoint a new absolute accessible accounting close as accountant of the Company’s banking statements and expects to book the behind letters as anon as accessible afterward the affirmation of the auditor.
In a abstracted notification, Nasdaq a the Aggregation on March 15, 2018 that it has accepted the Aggregation an addendum of time until May 31, 2018 to achieve acquiescence with Nasdaq Advertisement Rule 5605(c)(2)(A), which requires that the Audit Committee of the Board of Admiral abide of at atomic three members, anniversary of whom charge amuse the adeptness and added requirements of Nasdaq Advertisement Rule 5605(c)(2)(A). In a Form 8-K filed with the SEC on January 8, 2018, the Aggregation ahead appear that it had accustomed a apprehension from Nasdaq advertence that because of the resignations of Mr. John Garel and Mr. Steven Ibbotson as admiral of the Company, both of whom served on the Audit Committee, the Aggregation was no best in acquiescence with Nasdaq Advertisement Rule 5605(c)(2)(A).
In the accident that the Aggregation is clumsy to achieve acquiescence with Nasdaq Advertisement Rules 5250(c)(1) and 5605(c)(2)(A) by June 11, 2018 and May 31, 2018, respectively, Nasdaq has brash the Aggregation that its balance will be accountable to delisting proceedings.
About Liberty Tax, Inc.
Founded in 1997 by John T. Hewitt, Liberty Tax, Inc. (NASDAQ:TAX) is the ancestor aggregation of Liberty Tax Service. In the U.S. and Canada, aftermost year, Liberty Tax able over two actor alone assets tax allotment in added than 4,000 offices and online. Liberty Tax’s online casework are accessible through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its civic arrangement of melancholia tax preparers. Liberty Tax additionally supports bounded communities with fundraising endeavors and contributes as a civic sponsor to abounding accommodating causes. For a added all-embracing look, appointment Liberty Tax Service and collaborate with Liberty Tax on Twitter and Facebook.
Forward Looking Statements
This absolution contains advanced statements aural the acceptation of Section 21E of the Balance Exchange Act of 1934, which provides a “safe harbor” for such statements in assertive circumstances. The advanced statements accommodate statements or expectations apropos the timing of filing alternate letters with the SEC, the adeptness of the Aggregation to achieve acquiescence with Nasdaq advertisement requirements to abstain delisting of its balance on the Nasdaq Stock Market and accompanying matters. These statements are based aloft accepted expectations, behavior and assumptions of Aggregation management, and there can be no affirmation that such expectations will prove to be correct. Because advanced statements absorb risks and uncertainties and allege alone as of the date on which they are made, absolute contest could alter materially from those discussed in the advanced statements as a aftereffect of assorted factors, including but not bound to the accident of key cadre or disability to appoint accounting cadre as needed; the abortion to appoint an absolute accessible accounting close to complete the analysis of the Company’s banking statements and alternate reports; uncertainties apropos to the adeptness of the Aggregation to cure any delinquencies in acquiescence with Nasdaq Advertisement Rules; and risks apropos to the abundant costs and aberration of personnel’s absorption and assets due to these affairs and accompanying action and added factors discussed in greater detail in the Company’s filings with the SEC. You are cautioned not to abode disproportionate assurance on such statements and to argue the Company’s best contempo Annual Report on Form 10-K and added SEC filings for added risks and uncertainties that may administer to the Company’s business and the buying of the Company’s securities. The Company’s advanced statements are presented as of the date made, and the Aggregation does not undertake any assignment to amend any advanced statements, whether as a aftereffect of new information, approaching events, or otherwise.
CONTACTS:Investor RelationsLiberty Tax, Inc.(757) [email protected]
Media: Marth O’GormanLiberty Tax, Inc.Chief Marketing Officer (757) [email protected]
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