Xcel Brands received a notification from Nasdaq for failing to file its Q3 2024 report on time.
Quiver AI Summary
Xcel Brands, Inc. received a notification from Nasdaq on November 25, 2024, indicating it failed to comply with Nasdaq Listing Rule 5250(c)(1) due to the late filing of its Quarterly Report on Form 10-Q for the period ending September 30, 2024. Although this notice does not affect the listing or trading of its stock, the company must submit a compliance plan within 60 days. If accepted, Nasdaq may extend the deadline for compliance by up to 180 days. Xcel plans to file the overdue report within the stipulated timeframe to avoid the need for a compliance plan. Xcel Brands, founded in 2011, operates in the media and consumer products sector, focusing on branded apparel and innovative sales strategies including live-streaming and social commerce.
Potential Positives
- The press release confirms that Xcel Brands intends to file its overdue Form 10-Q within the 60-day compliance period, demonstrating proactive management and a commitment to adhering to Nasdaq's listing requirements.
- Nasdaq has provided the Company with a potential extension of up to 180 days to regain compliance, giving Xcel Brands additional time to address the filing issue without immediate consequences to its listing status.
- The Company has a robust portfolio of well-known brands and a unique sales strategy, indicating ongoing business strength and market presence despite the current compliance issue.
- Xcel Brands' history of generating over $5 billion in retail sales through innovative channels showcases its strong performance in the consumer market and potential for future growth.
Potential Negatives
- The company has received a delinquency notification from Nasdaq for failing to file its Quarterly Report on Form 10-Q in a timely manner, indicating potential financial or operational challenges.
- Failure to comply with Nasdaq Listing Rule 5250(c)(1) raises concerns about the company's adherence to regulatory requirements, which may impact investor confidence.
- While the company can submit a compliance plan, the need for such a plan could imply ongoing issues that might disrupt business operations or financial reporting in the future.
FAQ
What did Xcel Brands announce on November 27, 2024?
Xcel Brands announced receiving a delinquency notification from Nasdaq for not filing its Form 10-Q on time.
What is the reason for Xcel Brands' Nasdaq notification?
The notification is due to the company's failure to timely file its Quarterly Report on Form 10-Q for Q3 2024.
What must Xcel Brands do to regain compliance with Nasdaq?
Xcel Brands must submit a Plan of compliance within 60 days to address how it will regain compliance.
Will the Nasdaq notice affect Xcel Brands' stock listing?
No, the Nasdaq notice has no immediate effect on the listing or trading of Xcel Brands' common stock.
What is Xcel Brands' core business focus?
Xcel Brands focuses on the design, licensing, and marketing of branded consumer products and social commerce sales.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$XELB Hedge Fund Activity
We have seen 4 institutional investors add shares of $XELB stock to their portfolio, and 9 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- LEVIN CAPITAL STRATEGIES, L.P. removed 60,000 shares (-54.5%) from their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC removed 33,148 shares (-100.0%) from their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 32,130 shares (-50.8%) from their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 17,793 shares (+inf%) to their portfolio in Q3 2024
- PERRITT CAPITAL MANAGEMENT INC added 16,839 shares (+2.7%) to their portfolio in Q3 2024
- REGENT PEAK WEALTH ADVISORS LLC added 15,000 shares (+inf%) to their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 10,867 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (NASDAQ: XELB) ("Xcel" or the "Company"), today announced that on November 25, 2024, it received a delinquency notification letter from the Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), because it had not timely filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the "Form 10-Q"). The Nasdaq notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
Nasdaq has informed the Company that it must submit a plan of compliance (the "Plan") within 60 calendar days, addressing how it intends to regain compliance with Nasdaq's listing rules and, if Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-Q original filing due date, or until May 19, 2025, to regain compliance. The Company intends to file its Form 10-Q as soon as practicable and, in any event, within the 60-day period referenced above, and thereby regain compliance with the Nasdaq continued listing requirements and eliminate the need for the Company to submit a Plan.
About Xcel
Brands
Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the Tower Hill by Christie Brinkley co-branded collaboration, and holds noncontrolling interests in the Isaac Mizrahi brand and Orme Live. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customers shop. The company's brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone, and over 20,000 hours of live-stream and social commerce. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies.
For further information please contact:
Seth Burroughs
Marketing and Public Relations, Xcel Band, Inc..
347 532 5894
sburroughs@xcelbrands.com
