EAST RUTHERFORD, NJ, May 26, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB)(the “Company”), a marketer and distributor of specialty pre-prepared all-natural foods today announced that it has received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the "Form 10-K"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC"). The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
The Company previously filed a Notification of Late Filing on Form 12b-25, filed with the SEC on May 18, 2022 (the "Notification"), however, it was unable to file the Form 10-K within the timeframe specified by Rule 12b-25.
The Company's management is working diligently to complete the Form 10-K and intends to file imminently. The delay in filing the Form 10-K is principally attributable to issues related to the Company’s transition to a new accounting and financial reporting software platform and the integration of the acquisition of T&L Creative Salads, Inc. and Olive Branch, LLC which was completed on December 29, 2021.
Under applicable Nasdaq Listing Rules (the “Rules”) for continued listing, the Company is required to submit a plan to regain compliance with the Rules within 60 calendar days from the due date of the Form 10-K (i.e. by July 19, 2022), and if Nasdaq accepts the plan, Nasdaq can grant an exception of up to 180 calendar days (November 14, 2022) to regain compliance.
About MamaMancini’s Holdings, Inc.
MamaMancini's Holdings, Inc. (NASDAQ: MMMB) is a marketer and distributor of specialty pre-prepared, all-natural foods. MamaMancini’s broad product portfolio consists of meatballs, meatloaf, sausages and pasta bowls with beef, turkey, chicken and pork varieties – as well as an assortment of chicken-based dishes, olives, savory products and salads through its T&L Creative Salads and Olive Branch subsidiaries. The Company’s products are sold in over 45,000 locations nationwide, including at regional delis and well-known retailers such as Sam’s Club, ALDI Markets, Schnuck Markets, Whole Foods, Publix, ShopRite, Stop & Shop, Costco and Albertsons – as well as through national distributors such as Sysco and United Natural Foods. The Company also maintains a direct-to-consumer presence on QVC. For more information, please visit www.mamamancinis.com.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2021 and other filings made by the Company with the Securities and Exchange Commission.