DAVENPORT, Iowa, February 14, 2023 (GLOBE NEWSWIRE) — Lee Enterprises, Incorporated TookA digital-first subscription platform providing a premier platform for high-quality, reliable, local news, information and advertising in 77 markets, Nasdaq Stock Market LLC (“Nasdaq”) has received a letter from the Listing Qualifications Department indicating that is, as a result of the Company’s continued delay in filing its Annual Report on Form 10-K for the fiscal year ending September 25, 2022 (“2022 Form 10-K”) and because the Company has filed its Quarterly Report on Form 10 -Q for the period ending December 25, 2022 (“2023 Q1 Form 10-Q”), within the prescribed time period, the Company shall comply with the timely filing requirement for a continued listing under Nasdaq Listing Rule 5250(c)( is not in compliance) 1).
The notification has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. Lee must submit to Nasdaq a plan of compliance (the “Plan”) within 60 days of the Extended Filing Due Date of its 2022 Form 10-K, on or before February 27, 2023, addressing how it will regain compliance. intends to do. Nasdaq Listing Rules. If Nasdaq accepts the plan, it may grant an extension of up to 180 days from the original filing due date of the 2022 Form 10-K, or until June 26, 2023, to regain compliance. If the Company fails to comply with the Nasdaq Listing Rule within the time period described above, the Company’s common stock may be subject to delisting from Nasdaq.
On December 12, 2022, Lee disclosed that it needed additional time to file its fiscal year 2022 Form 10-K for the period ending September 25, 2022, and on February 6, 2023, the company filed its annual filing. Provided an update on the status of doing so. Report on Form 10-K on an evaluation of the company’s internal controls over financial reporting and a current report on Form 8-K with additional information on the evaluation of an acquisition-related deferred tax asset resulting from a transaction in 2009, and whether this deferred The tax asset still has current balance sheet value or must be written down. Also on February 6, 2023, the company disclosed that it needed additional time to file its 2023 Q1 Form 10-Q.
The Company is working diligently to complete all matters relating to the 2022 Form 10-K and 2023 Q1 Form 10-Q as soon as possible; However, no assurances can be made regarding the exact dates for which the 2022 Form 10-K and 2023 Q1 Form 10-Q will be filed.
Despite the ongoing nature of its internal control evaluation, the Company does not expect the resulting evaluation on December 8, 2022 to have any material impact on the preliminary financial results released by the Company for the 12-month period ended September 25. 2022.
Note Regarding Forward-looking Statements
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, and section 21E of the Securities Exchange Act of 1934, as amended. The company intends that these forward-looking statements are covered by the safe harbor provisions for such statements. All statements that do not relate to historical facts are forward-looking statements. The words “believe,” “may,” “possibly,” “probably,” “estimate,” “estimate,” “project,” “expect,” “might,” “will,” “should,” ” Seeks,” “intends,” “plans,” “expects,” or “considers” and similar expressions are intended to identify forward-looking statements, but are not an exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such statements, including, but not limited to, the risk that the company is currently forecasting in its 2023 Q1 form May not be able to file a 10-Q. There is the risk that the company may not comply with Nasdaq’s continued listing requirements within the applicable grace period, as well as other risks set forth in our filings with the Securities and Exchange Commission. These forward-looking statements should be considered in light of these risks and uncertainties. The company bases its forward-looking statements on information currently available to it at the time of this report and does not undertake any obligation to update or revise any forward-looking statements, whether as a result of changes in underlying circumstances, new information, or future events. or otherwise.
Lee Enterprises is a leading subscription and advertising platform serving 77 markets in 26 states and a leading provider of local news and information, with daily newspapers, fast-growing digital products and more than 350 weekly and special publications. Year-to-date, Lee’s newspapers have an average daily circulation of 1.0 million, and our legacy websites, including acquisitions, reach more than 38 million digital unique visitors. Lee’s Markets in St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee common stock is traded on the NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net,