Appliance Recycling Centers of America Receives Notification of Deficiency from Nasdaq Related to Delayed Quarterly Report on...

MINNEAPOLIS, May 25, 2018 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (Nasdaq: ARCI) ("ARCA" or the "company"), a leading provider of appliance recycling services, previously announced that it was delaying the filing of its Quarterly Report on Form 10-Q for the period ended March 31, 2018 to allow the company's independent registered public accounting firm sufficient time to complete their work on the review of the company's financial statements.

In connection with the delayed Form 10-Q, on May 22, 2018, ARCA received a standard notice from NASDAQ stating that the company is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission. The Nasdaq notice has no immediate effect on the listing or trading of ARCA's common stock on the Nasdaq Capital Market. Under Nasdaq's listing rules, ARCA has until June 18, 2018 to submit a plan to regain compliance. If the plan is accepted, ARCA can be granted an exception until September 26, 2018, to regain compliance. ARCA expects to submit a plan to regain compliance or file its Form 10-Q within the timeline prescribed by Nasdaq.

About ARCA

Appliance Recycling Centers of America, Inc. and subsidiaries ("ARCA") are in the business of recycling major household appliances in North America by providing turnkey appliance recycling and replacement services for utilities and other sponsors of energy efficiency programs. In addition, through its GeoTraq Inc. subsidiary, a development stage company, ARCA is engaged in the development, design and, ultimately, ARCA expects the sale of, cellular transceiver modules, also known as Cell-ID modules.

Forward Looking Statements

This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including statements regarding ARCA's ability to file its Form 10-Q within the timelines prescribed by Nasdaq and the sale by GeoTraq of Cell-ID modules. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with the general economic conditions, competition in the retain and recycling industries and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCA's periodic reports filed with the Securities and Exchange Commission ("Commission"). Other risks may be detailed from time to time in reports to be filed with the Commission.

 

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SOURCE Appliance Recycling Centers of America, Inc.

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