Sequential Brands said in a regulatory filing that its ongoing strategic review and related matters have resulted in a delay with finalizing its financial statements.
The company plans on filing the 10-Q and issuing its earnings release by, or to the extent possible before, June 4.
Sequential Brands also said it received a letter from the Nasdaq Stock Market that the company was out of compliance because it had not filed the quarterly report. The letter has no immediate effect on the listing or trading of the company’s common stock and Sequential Brands has up to 180 calendar days to regain compliance.
Sequential Brands is in the process of evaluating strategic alternatives, including the divestiture of one or more existing brands or a sale of the company. On April 26, it reached a deal to sell Heelys to BBC International. Other brands owned by Sequential Brands include AND1, Gaiam, SPRI, Avia, Joe’s, Ellen Tracy, Jessica Simpson, William Rast, Caribbean Joe, DVS, and The Franklin Mint.
Photo courtesy SPRI
