ENGLEWOOD CLIFFS, N.J., Jan. 8, 2013 (GLOBE NEWSWIRE) -- On January 2, 2013, Asta Funding, Inc. (Nasdaq:ASFI) (the "Company"), a consumer receivable asset management and liquidation company, received a staff determination letter from the NASDAQ Global Select Market ("NASDAQ") stating that the Company was not in compliance with its rules for continued listing, Rule 4310(c)(14), because it has not timely filed its Annual Report on Form 10-K for the year ended September 30, 2012. The NASDAQ letter indicated that the Company has 60 days to submit a plan to regain compliance. If such a plan is timely submitted by the Company, the NASDAQ Staff can grant the Company up to 180 calendar days from the due date of the Form 10-K (or June 29, 2013) to regain compliance.
As disclosed in the Company's Form 12b-25, Notification of Late Filing, filed with the Securities and Exchange Commission (the "SEC") on December 14, 2012, the Company experienced delays in the collection, compilation and analysis of certain information that may be included in the Annual Report. The Company intends to file the Annual Report with the Securities and Exchange Commission as soon as possible. If, however, for any reason it is unable to file the Form 10-K on or before March 3, 2013, the Company would then submit a plan to regain compliance to the NASDAQ Listing Qualifications Department no later than March 3, 2013. No assurance can be given that NASDAQ will grant an exception for the full 180-day period contemplated in the NASDAQ Marketplace Rules, if at all. Under NASDAQ's rules, the Company's common stock will continue to be listed on NASDAQ until March 3, 2013, and for any exception period that may be granted to the Company by the NASDAQ Listing Qualifications Department. However, until the Company regains compliance, quotation information for the Company's common stock will include an indicator of the Company's non-compliance and the Company will be included in a list of non-compliant companies on the NASDAQ website.
Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a consumer receivable asset management company that specializes in the purchase, management and liquidation of performing and non-performing consumer receivables. For additional information, please visit our website at http://www.astafunding.com.
The Asta Funding, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8464
Except for historical information contained herein, the matters set forth in this news release may be "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995.) Although Asta Funding, Inc. believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from Asta's expectations. Factors that could contribute to such differences include those identified in Asta's Form 10-K for the fiscal year ended September 30, 2011, Form 10-Q for the quarter ended June 30, 2012 and those described from time to time in Asta's other filings with the Securities and Exchange Commission, news releases and other communications. Asta's reports with the Securities and Exchange Commission are available free of charge through its website at http://www.astafunding.com.
CONTACT: Robert J. Michel, CFO Asta Funding, Inc. (201) 567-5648