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Broadway Financial Corporation Discloses Receipt of Notice From Nasdaq Regarding Filing Requirement for the Company’s Form 10-K

LOS ANGELES--(BUSINESS WIRE)--Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (Nasdaq Capital Market: BYFC), parent company of City First Bank, National Association (the “Bank”, and collectively, with the Company, “City First Broadway”), received written notice from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company did not file its Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the “SEC”) by the required filing date, the Company was not in compliance with Nasdaq’s Listing Rule 5250(c)(1) for continued listing.

Previously Nasdaq granted the Company an exception for filing its delinquent Form 10-Q for the period ended September 30, 2023, until May 13, 2024. As a result of that exception, Nasdaq informed the Company in this latest notice that Broadway must file its Form 10-K for fiscal 2023 on or before the same date: May 13, 2024. Furthermore, the notice requires the Company to submit an update to its original plan to regain compliance with the filing requirement, which was originally submitted to Nasdaq in connection with the delinquent filing of the Form 10-Q for the third quarter of 2023, and to describe progress that the Company has made towards implementing the plan.

Broadway is in the process of providing an updated plan to Nasdaq, which will describe progress that has been made in that regard, and intends to file both the Form 10-Q for the third quarter of 2023 and the Form 10-K for calendar 2023 on or before May 13, 2024. In addition, in the fourth quarter of 2023, the Company began implementing changes to its internal controls to strengthen overall financial controls and provide reasonable assurance that Broadway can report accurate, timely financial information in compliance with rules and regulations of the SEC.

About Broadway Financial Corporation

Broadway Financial Corporation conducts its operations through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading community-oriented bank in Southern California and in the Washington, D.C. market serving low-to-moderate income communities. We offer a variety of residential and commercial real estate loan products for businesses and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings, and money market accounts, and certificates of deposits.

Stockholders, analysts, and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010 or contact Investor Relations at the phone number or email address below.

Cautionary Statement Regarding Forward-Looking Information

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding the anticipated timing of the Company’s filings with the SEC, are forward-looking statements. Forward-looking statements typically include the words such as “intend,” “plan,” and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking. These forward-looking statements are subject to risks and uncertainties, which could cause actual outcomes to differ materially from those anticipated or implied by such statements. All such factors are difficult to predict and are beyond our control. Additional factors that could cause outcomes or results to differ materially from can be found in our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings made with the SEC and are available on our website at http://www.cityfirstbank.com and on the SEC’s website at http://www.sec.gov.

Forward-looking statements in this press release speak only as of the date they are made, and we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent required by law. Readers should not place undue reliance on these forward-looking statements, which speak only as of their dates or, if no date is provided, then as of the date of this press release.

Contacts

Investor Relations
Zack Ibrahim, Chief Financial Officer, (202) 243-7115
Investor.relations@cityfirstbroadway.com