Broadway Financial Corporation Faces Nasdaq Compliance Issues Over Late 10-Q Filing

On November 25, 2025, Broadway Financial Corporation, the parent company of City First Bank, announced that it had received a notification from Nasdaq regarding its non-compliance with listing rules. This issue arose because the company failed to file its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025, within the required timeframe established by the Securities and Exchange Commission (SEC).

According to the letter dated November 20, 2025, from Nasdaq, Broadway Financial is currently in violation of Nasdaq Listing Rule 5250(c)(1), which mandates timely filings of financial reports necessary for maintaining its listing on The Nasdaq Capital Market. However, the company reassured stakeholders that this notification does not immediately affect the trading or listing of its shares.

The delay in filing the essential Q3 Form 10-Q was attributed to the complexities surrounding the accounting evaluations for sold loan participation as per Accounting Standards Codification Topic 860. Broadway Financial emphasized that thorough assessments of its consolidated financial statements required additional time to ensure all necessary disclosures are included in the delayed report.

Earlier communications from Broadway revealed that on November 14, 2025, the company submitted Form 12b-25 to the SEC, indicating the need for an extension in meeting its filing obligations. The extension granted by Nasdaq allows Broadway until February 16, 2026, to submit its Quarterly Report on Form 10-Q for the quarter ending June 30, 2025. It is crucial to note that any further extensions provided by Nasdaq for compliance with all overdue filings, including the current Q3 Form 10-Q, will only be permissible until the specified deadline.

In a bid to address these compliance issues, Nasdaq has requested that Broadway Financial provide an updated plan by December 8, 2025, detailing how it intends to regain compliance with Rule 5250(c)(1). Should Nasdaq accept the plan, the company may then be granted the additional time needed to file the Q3 Form 10-Q, allowing them to restore compliance and maintain their listing.

Broadway Financial Corporation has outlined that it is committed to submitting the updated compliance plan and the overdue Form 10-Q as soon as it is feasible. The organization operates through its wholly-owned banking subsidiary, City First Bank, which serves as a vital financial provider within low-to-moderate income communities in Southern California and Washington, D.C. This commitment to these communities fosters trust and reliance on their services.

For further inquiries, stockholders, analysts, and interested parties can reach out to Broadway Financial Corporation’s Investor Relations at their Los Angeles office. The company encourages open communication with investors to ensure that transparency is maintained during this compliance process.

As a precaution, Broadway Financial has also included a cautionary statement about forward-looking information in its press release. The company acknowledges that predicting future events and results involves inherent risks and uncertainties which could lead to actual outcomes differing from those anticipated.

Going forward, Broadway Financial Corporation aims to resolve this compliance issue swiftly to continue its operations and maintain investor confidence. With its strong community banking ethos, Broadway remains focused on serving the needs of its clientele while navigating these regulatory challenges.