GWG Holdings Announces Receipt of Recognize from Nasdaq Concerning Possible Delisting
DALLAS, July 07, 2021 (World NEWSWIRE) — GWG Holdings, Inc. (Nasdaq: GWGH) right now introduced that it obtained a Employees Resolve letter from the Listing Skills Team of The Nasdaq Inventory Market LLC indicating that the Firm had not proven compliance with Rule 5620(a), which involves that GWG maintain an yearly meeting of shareholders inside of 12 months of the company’s fiscal calendar year stop, and Rule 5250(c)(1), because GWG has not but filed its Type 10-K for the yr ended December 31, 2020 and Variety 10-Q for the time period ended March 31, 2021.
As a result, the Company’s prevalent inventory is subject matter to delisting from The Nasdaq Capital Current market. The Business has requested a hearing prior to a Nasdaq Hearings Panel to evaluation the Workers Dedication, which request will keep the delisting of the Company’s popular stock for a time period of 15 days from the date of the hearing ask for, while GWG has asked for the Panel to grant a stay of the suspension from investing pending the listening to.
Right after getting the first notification of deficiency linked to GWG’s annual assembly on January 5, 2021, the Company filed a prepare of compliance with Nasdaq noting that due to the fact the conference experienced not been held in 2020, less than SEC guidelines, GWG would not be in a position to maintain its once-a-year meeting until right after it submitted its 2020 10-K, which it envisioned to file on March 31, 2021.
As component of the planning of its 2020 10-K, the Business voluntarily submitted two concerns to the Securities and Exchange Commission’s (SEC) Place of work of the Chief Accountant (OCA) on February 15, 2021. OCA is dependable for accounting and auditing matters arising in the SEC’s administration of the federal securities regulations, particularly with respect to accounting plan determinations. In this position, OCA consults with registrants on the software of accounting expectations and monetary disclosure necessities. Its website signifies that registrants can hope consultations to acquire approximately 3 months, even though that time may perhaps vary relying on a variety of things. The thoughts submitted by the Business to OCA have been (1) irrespective of whether the December 31, 2019 transaction resulted in GWG obtaining manage of The Beneficent Business Group, L.P. (Ben) in a transaction that constituted a alter-in-handle of Ben by entities not less than typical command, and (2) no matter if Ben was expected to consolidate any of the ExAlt Program trusts.
The Corporation experienced arrived at a conclusion on equally of these issues in session with its accounting advisers, which conclusions have been mirrored in its filings considering the fact that the Type 10-K for the calendar year ended December 31, 2019, and audited by its former auditor, which issued an unmodified audit impression on those statements. GWG’s existing auditor also thinks the Organization has a affordable basis for its accounting cure on the items submitted for consultation. Although the Enterprise has by now reached a summary concerning the acceptable accounting for the matters submitted to OCA, mainly because of OCA’s position inside of the SEC and the judgment concerned in every single issue, the Business desired to receive OCA’s conclusions on these issues.
The Organization and OCA have discussed the issues submitted for consultation, and the Enterprise has submitted supplemental elements in response to numerous OCA requests. The Organization has no excellent requests from OCA and intends to file its 2020 10-K and Kind 10-Q for the period finished March 31, 2021, soon after receiving a summary from OCA. The moment the 2020 10-K is filed, the Enterprise will file its demanded proxy statement and entire its merged 2020/2021 once-a-year assembly, which has at present been adjourned to July 27, 2021. The Company has not been given guidance on when the OCA consultation will be full.
About GWG Holdings, Inc.
GWG Holdings, Inc. (Nasdaq: GWGH) is an impressive financial services agency based mostly in Dallas that is a leader in supplying exclusive liquidity remedies and products and services for the homeowners of illiquid investments. Through its subsidiaries, The Beneficient Business Team, L.P. and GWG Life, LLC, GWGH owns and manages a various portfolio of alternate assets that, as of September 30, 2020, bundled $1.9 billion in daily life insurance coverage coverage rewards, and exposure to a diversified and growing bank loan portfolio secured by 122 skillfully managed alternative expense resources.
For a lot more info about GWG Holdings, electronic mail [email protected] or visit www.gwgh.com.
For extra information and facts about Beneficient, e mail [email protected] or check out www.trustben.com.
The information and facts on GWG Holdings’ and Beneficient’s websites is not a component of, or integrated by reference in, this push release.
Media Get hold of:
Dan Callahan
Director of Interaction
GWG Holdings, Inc.
(612) 787-5744
[email protected]
