SAN DIEGO, U.S. – Youngevity International, Inc. (NASDAQ: YGYI), a leading multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise, commercial hemp enterprise and multi-channel lifestyle company, today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of Youngevity’s delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Form 10-K”), Youngevity is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).
The notification letter has no immediate effect on the listing or trading of Youngevity’s common stock on the Nasdaq Market.
Youngevity filed a Notification of Late Filing on Form 12b-25 on March 16, 2020, indicating that the filing of the Form 10-K would be delayed and the company anticipated filing its 10-K within the 15 day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. On March 25, 2020, subsequent to Youngevity’s March 16th Notification of Late Filing, the Securities and Exchange Commission provided extended conditional exemptions from reporting requirements for Public Companies affected by COVID-19, but this exemption and relief was not made available for companies that already had filed a Notification of Late Filing so Youngevity was not provided the relief provided by the SEC. On March 31, 2020, Youngevity issued a press release that advised due the displacement of staff, including substantially all accounting staff, restrictions imposed by various governments, and displacement of our auditors’ staff among other areas of impact, has slowed down the financial reporting and audit process causing the company to miss the filing date of its 10-K.
Nasdaq has informed Youngevity that it must submit a plan of compliance (the “Plan”) within 60 calendar days of receipt of the letter addressing how it intends to regain compliance with Nasdaq’s listing rules and, if Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-K original filing due date to regain compliance.
Youngevity anticipates filing the Form 10-K and regaining compliance prior to the 60-day period described above to submit a Plan.
Dave Briskie, President and CFO of Youngevity International stated, “Our team and our auditors are diligently working toward the completion of our 10-K Annual Report and in spite of the challenges presented by COVID-19, we expect to regain compliance inside of the 60 days afforded by Nasdaq to submit a plan of compliance.”
