Business Context and Reporting Period
Company: Bassett Furniture Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 22, 2009
Reporting Period: The filing addresses a regulatory event occurring on July 22, 2009, regarding the failure to file the Quarterly Report on Form 10-Q for the period ended May 30, 2009.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document is a regulatory notice regarding listing compliance rather than a financial results report.
Material Changes
- Listing Compliance: The Company received notification from the NASDAQ Stock Market on July 14, 2009, that it is no longer in compliance with Listing Rule 5250(c)(1).
- Cause of Non-Compliance: Failure to timely file the Form 10-Q for the quarter ended May 30, 2009.
- Current Status: The notification has no current effect on the listing of the Company's common stock.
Guidance, Outlook, and Management Commentary
- Compliance Plan Deadline: The Company has until September 14, 2009, to submit a plan to regain compliance with NASDAQ's continuing listing standards.
- SEC Review Status: The Company anticipates that outstanding issues raised in SEC comment letters regarding the Annual Report on Form 10-K for the year ended November 29, 2008, will be resolved soon.
- Filing Expectation: Management expects to file the overdue Form 10-Q within the next few weeks.
Investor Verification Checklist
- Verify the submission date of the compliance plan to NASDAQ by the September 14, 2009 deadline.
- Confirm the resolution of SEC comment letters regarding the 2008 Form 10-K.
- Monitor the timely filing of the Form 10-Q for the period ended May 30, 2009.
- Check for any subsequent notices from NASDAQ regarding the suspension or delisting of the Company's stock.