HOBOKEN, N.J., Aug. 24, 2015 (GLOBE NEWSWIRE) -- Liquid Holdings Group, Inc. (NASDAQ:LIQD), a SaaS provider of investment management solutions for the buy side, announced today that it has received a notification letter from staff of the NASDAQ Listing Qualifications Department (the "Staff"), dated August 20, 2015, stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) (the "Filing Requirement"), 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 June 30, 2015 (the "June 30 Form 10-Q") could serve as a basis for the delisting of the Company's stock from the NASDAQ Capital Market.
The Company received similar notification letters from the Staff when it failed to timely file a Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 and its Annual Report on Form 10-K for the year ended December 31, 2014. As previously disclosed, the Staff accepted the Company's compliance plan (the "Compliance Plan") with respect to these delinquent filings and granted the Company an exception until September 15, 2015 to file these reports. Under the latest notification letter, the Company has until September 7, 2015 to submit an update to the Compliance Plan to address its delinquency in filing the June 30 Form 10-Q as well as to advise the Staff of the progress that it has made in implementing the Compliance Plan. In the event the Company is not able to regain compliance with the Filing Requirement or obtain a further extension from the NASDAQ Staff, which extension cannot extend past October 12, 2015, the Company would be subject to delisting unless it requests a hearing before an independent NASDAQ Listing Qualifications Panel.
About Liquid Holdings Group
Liquid Holdings Group, Inc. (NASDAQ:LIQD) is a SaaS provider of investment management solutions to the buy side. The Liquid platform combines multi-asset order, execution and risk management with shadow NAV and investor reporting capabilities. Liquid goes a step further, backing its mission-critical front-office capabilities with managed services to transform manually intensive middle-office processes into an automated, seamless experience. 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 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 June 30 Form 10-Q, March 31 Form 10-Q and 2014 Form 10-K, and regain compliance with the NASDAQ listing requirements. 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 the Company's 2013 Form 10-K, the Company's subsequent Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission, 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.