Back Yard Burgers (MM) (NASDAQ:BYBI)
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From Jun 2019 to Jun 2024
Back Yard Burgers, Inc. (NASDAQ:BYBI) announced today that it received a
Nasdaq Staff Determination notice yesterday stating that the Company is
not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because it
has not timely filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q for the period ended September 30, 2006.
On November 1, 2006, Back Yard Burgers had previously announced that its
board of directors had directed its audit committee to review the Company’s
historical stock option practices and related accounting. On November
14, 2006, Back Yard Burgers notified the Securities and Exchange
Commission that, because of the ongoing review process, the Company
would not be able to timely file its Quarterly Report on Form 10-Q for
the period ended September 30, 2006. Back Yard Burgers intends to file
its Form 10-Q as soon as practicable after completion of the stock
option review.
The Nasdaq Staff Determination notice indicated that, due to this
non-compliance, Back Yard Burgers’ common
stock will be delisted from the Nasdaq Stock Market at the opening of
business on November 29, 2006, unless the Company requests a hearing
before a Nasdaq Listing Qualifications Panel. Back Yard Burgers has
requested a hearing before a Nasdaq Listing Qualifications Panel to
review the Nasdaq staff’s determination. The
hearing request will stay the delisting of the Company’s
common stock pending the Panel’s decision.
However, there can be no assurance that the Panel will grant the Company’s
request for continued listing after the hearing.
Back Yard Burgers operates and franchises quick-service restaurants in
20 states, primarily in markets throughout the Southeast region of the
United States. The restaurants specialize in charbroiled, freshly
prepared, great-tasting food. As its name implies, Back Yard Burgers
strives to offer the same high-quality ingredients and special care
typified by outdoor grilling in the backyard. Its menu features
made-to-order gourmet Black Angus hamburgers and chicken sandwiches -
charbroiled over an open flame, fresh salads, chili and other specialty
items, including hand-dipped milkshakes, fresh-made lemonade and
fresh-baked cobblers.
Forward-Looking Statements
This press release contains forward-looking statements concerning Back
Yard Burgers’ plans to request a hearing
before a Nasdaq Listing Qualifications Panel as well as Back Yard Burgers’
review of its historical option practices. There can be no assurance
concerning the outcomes of the hearing request and the review. Investors
are cautioned that all forward-looking statements in this release also
involve risks discussed in the Company’s Form
10-K filed with the Securities and Exchange Commission on March 31,
2006. Copies of Back Yard Burgers’ SEC
filings are posted on the Company’s web site
and are available from the Company without charge. Forward-looking
statements are made as of the date of this release, and, except as
required by law, the Company does not undertake an obligation to update
its forward-looking statements to reflect future events or circumstances.
Back Yard Burgers, Inc. (NASDAQ:BYBI) announced today that it
received a Nasdaq Staff Determination notice yesterday stating that
the Company is not in compliance with Nasdaq Marketplace Rule
4310(c)(14) because it has not timely filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q for the period
ended September 30, 2006. On November 1, 2006, Back Yard Burgers had
previously announced that its board of directors had directed its
audit committee to review the Company's historical stock option
practices and related accounting. On November 14, 2006, Back Yard
Burgers notified the Securities and Exchange Commission that, because
of the ongoing review process, the Company would not be able to timely
file its Quarterly Report on Form 10-Q for the period ended September
30, 2006. Back Yard Burgers intends to file its Form 10-Q as soon as
practicable after completion of the stock option review.
The Nasdaq Staff Determination notice indicated that, due to this
non-compliance, Back Yard Burgers' common stock will be delisted from
the Nasdaq Stock Market at the opening of business on November 29,
2006, unless the Company requests a hearing before a Nasdaq Listing
Qualifications Panel. Back Yard Burgers has requested a hearing before
a Nasdaq Listing Qualifications Panel to review the Nasdaq staff's
determination. The hearing request will stay the delisting of the
Company's common stock pending the Panel's decision. However, there
can be no assurance that the Panel will grant the Company's request
for continued listing after the hearing.
Back Yard Burgers operates and franchises quick-service
restaurants in 20 states, primarily in markets throughout the
Southeast region of the United States. The restaurants specialize in
charbroiled, freshly prepared, great-tasting food. As its name
implies, Back Yard Burgers strives to offer the same high-quality
ingredients and special care typified by outdoor grilling in the
backyard. Its menu features made-to-order gourmet Black Angus
hamburgers and chicken sandwiches - charbroiled over an open flame,
fresh salads, chili and other specialty items, including hand-dipped
milkshakes, fresh-made lemonade and fresh-baked cobblers.
Forward-Looking Statements
This press release contains forward-looking statements concerning
Back Yard Burgers' plans to request a hearing before a Nasdaq Listing
Qualifications Panel as well as Back Yard Burgers' review of its
historical option practices. There can be no assurance concerning the
outcomes of the hearing request and the review. Investors are
cautioned that all forward-looking statements in this release also
involve risks discussed in the Company's Form 10-K filed with the
Securities and Exchange Commission on March 31, 2006. Copies of Back
Yard Burgers' SEC filings are posted on the Company's web site and are
available from the Company without charge. Forward-looking statements
are made as of the date of this release, and, except as required by
law, the Company does not undertake an obligation to update its
forward-looking statements to reflect future events or circumstances.