05:33 AM EDT, 05/21/2024 (MT Newswires) -- Broadway Financial ( BYFC ) said Monday it has received notice that the Nasdaq Stock Market has initiated a process which could result in the delisting of the company's securities from Nasdaq.

This comes as a result of the company not being in compliance with the Nasdaq listing rule which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

The company had not timely filed its quarterly report on Form 10-Q for the period ended Sept. 30, 2023, or its annual report on Form 10-K for the year ended Dec. 31, 2023.

The company said it has now filed these reports but is yet to file its Form 10-Q for the quarter ended March 31.

Broadway Financial ( BYFC ) plans to appeal the notice and is working to file the delinquent report as soon as possible to regain full compliance with the listing rule.