GlobeNewswire
Malvern Bancorp, Inc. announces receipt of Nasdaq letter and reschedules its annual shareholders’ meeting
PAOLI, Pa., February 26, 2021 (GLOBE NEWSWIRE) – Malvern Bancorp, Inc. (NASDAQ: MLVF) (the “Company”), the parent company of Malvern Bank, National Association, announced today that it has received a letter notification on February 23, 2021 from The Nasdaq Stock Market (“Nasdaq”). The notification letter stated that, as the Company has not yet submitted its Form 10-Q for the first fiscal quarter ended December 31, 2020 (the “Form 10-Q”) and therefore remains in default in completing its Form 10-Q, o The Company does not comply with Nasdaq 5250 (c) (1) Listing Rule, which requires timely filing of periodic reports with the Securities and Exchange Commission (the “SEC”). The notification letter states that the company has until April 24, 2021 to submit a plan to Nasdaq on how it plans to resume compliance with Nasdaq’s continuing listing requirements. Upon acceptance of the Company’s compliance plan, Nasdaq is permitted to grant an extension of up to 180 calendar days from the prescribed 10-Q filing date, or until August 23, 2021, for the Company to regain compliance. The Company plans to submit Form 10-Q to the SEC as soon as possible and believes it will meet all requirements for continuous listing before April 24, 2021. Nasdaq’s breach notice has no immediate effect on listing or trading the shares company’s ordinary shares on Nasdaq. As previously disclosed on February 16, 2021 on the Company’s Form 12b-25 filed with the SEC, the Company requires additional time to file its Form 10-Q because the Company’s management team needed additional time to complete the redesign and filing of the Company Form 10-K for the fiscal year ended September 30, 2020 (the “Redesigned 10-K”), which was filed on February 26, 2021. The Company intends to present Form 10-Q as soon as possible. In order to provide shareholders with additional time to review the Reformulated 10-K prior to the Company’s annual shareholders ‘meeting, the Company announced that it is rescheduling its annual shareholders’ meeting for Wednesday, March 24, 2021 at 9:30 am, held online at www.virtualshareholdermeeting.com/MLVF2021. About Malvern Bancorp, Inc. Malvern Bancorp, Inc. is the holding company of Malvern Bank, National Association, an institution that was originally organized in 1887 as a federally licensed savings bank. Malvern Bank, National Association now serves as one of the oldest banks based in the Philadelphia Main Line. For more than a century, Malvern Bank has been committed to helping people build prosperous communities as a trusted financial partner, building lasting relationships through teamwork, respect and integrity. Malvern Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, and through its other nine banks in Chester and Delaware, Pennsylvania, Morristown, New Jersey, its regional headquarters in New Jersey and Palm Beach, Florida. The Bank also maintains representative offices in Wellington, Florida, Quakertown and Allentown, Pennsylvania. The Bank’s main market niche is personalized service to its customer base. Malvern Bank, through its Private Banking division and a strategic partnership with Bell Rock Capital in Rehoboth Beach, Delaware, offers personalized investment advisory services to individuals, families, businesses and nonprofits. These services include banking services, liquidity management, investment services, 401 (k) accounts and planning, custody, tailor-made loans, estate planning, fiduciary and fiduciary services, family wealth consulting services and philanthropic consulting services. The Bank offers insurance services through Malvern Insurance Associates, LLC, which offers clients a wide range of financial services, including commercial and personal insurance and commercial and personal loans. For more information about Malvern Bancorp, Inc., visit our website at http://ir.malvernbancorp.com. For information about Malvern Bank, National Association, visit our website at http://www.mymalvernbank.com. Forward Looking Statements When used in this press release, or other public or shareholder communications, or in oral statements made with the approval of an authorized executive director, the words or phrases “are likely to work”, “are expected”, “will continue, ”“ Is anticipated ”,“ esteems ”,“ projects ”,“ believes ”,“ must ”,“ can ”,“ will ”,“ plans ”, or variations of such terms or similar expressions are intended to identify“ future – statements forward-looking statements “in accordance with the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause our actual results to differ materially from those indicated. subject to certain risks and uncertainties, including changes in economic conditions in the market areas in which we conduct business, which may materially impact quality trends in and credit; changes in the laws, regulations or policies of regulatory agencies; fluctuations in interest rates; demand for loans in the market areas in which we operate; and competition, which may cause actual results to differ materially from historical gains and those currently anticipated or projected. We advise readers not to place undue reliance on such forward-looking statements, which are valid only on the date they were made. We assume no obligation to publicly disclose the outcome of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unforeseen events. Investor Contacts: Joseph D. GangemiCorporate Investor Relations610-695-3676 Investor Relations Contact: Ronald Morales610-695-3646