GlobeNewswire
Malvern Bancorp, Inc. announces receipt of Nasdaq letter and resettlement of shareholders’ annual 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 notice letter dated February 23, 2021 from the Nasdaq Stock Market (“Nasdaq”). The notice letter states that because the company has not yet submitted its Form 10-Q for the first fiscal term at the end of 31 December 2020 (the “Form 10-Q”), and that it therefore remains criminal in submitting the form 10-Q, The company does not comply with Nasdaq listing rule 5250 (c) (1), which requires timely submission of periodic reports to the Securities and Exchange Commission (the “SEC”). The notice letter states that the company has until April 24, 2021, to submit a plan to Nasdaq on how it plans to meet Nasdaq’s continued listing requirements again. 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 submission date, or until August 23, 2021, for the Company to comply again. The company intends to submit Form 10-Q to the SEC as soon as possible and believes it will meet all requirements for continued listing before April 24, 2021. Notice of Nasdaq’s compliance has no immediate effect on the listing or trading of the Company’s ordinary shares on Nasdaq. As previously announced on February 16, 2021 on the company’s form 12b-25 filed with the SEC, the company needs extra time to submit its form 10-Q because the company’s management team needed extra time to complete the reconstitution and submission of the form of the company. 10-K for the financial year ended 30 September 2020 (the ‘Restored 10-K’), which was submitted on 26 February 2021. The company intends to submit Form 10-Q as soon as possible. To give shareholders extra time to review the Restored 10-K ahead of the shareholders ‘annual meeting, the company announced that it is rescheduling its shareholders’ annual meeting to Wednesday, March 24, 2021 at 9:30 a.m., which will be held online. by www.virtualshareholdermeeting.com/MLVF2021. About Malvern Bancorp, Inc. Malvern Bancorp, Inc. is the holding company of Malvern Bank, National Association, an institution originally organized in 1887 as a federally chartered savings bank. Malvern Bank, National Association, now serves as one of the oldest banks with its headquarters on the Philadelphia Main Line. Malvern Bank has been committed for over a century to helping people build prosperous communities as a trusted financial partner, forging long-term relationships through teamwork, respect and integrity. Malvern Bank operates from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, and through its nine other banking locations in the provinces of Chester and Delaware, Pennsylvania, Morristown, New Jersey, its regional headquarters in New Jersey and Palm Beach Florida. The Bank also has representative offices in Wellington, Florida, Quakertown and Allentown, Pennsylvania. The Bank’s main market niche is to provide personalized service to its customer base. Through its Private Banking division and a strategic partnership with Bell Rock Capital in Rehoboth Beach, Delaware, Malvern Bank provides personalized investment advisory services to individuals, families, businesses and non-profits. These services include banking, liquidity management, investment services, 401 (k) accounts and planning, custody, custom loans, wealth planning, trust and fiduciary services, family wealth advisory services and philanthropic advisory 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. Visit our website at http://ir.malvernbancorp.com for more information regarding Malvern Bancorp, Inc. Visit our website at http://www.mymalvernbank.com for information regarding Malvern Bank, National Association. Forward-Looking Statements When used in this press release, or other public or shareholder communications, or in oral statements with the approval of an authorized executive officer, the words or phrases “are likely to result”, “will be expected,” “will be continue, “” be expected, “” estimate, “” project, “” believe, “” must, “” power, “” want, “” plan, “or variations of such terms or similar expressions are intended to” forward ” identify “prospective statements” within the meaning of the Private Securities Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those indicated. Such statements are subject to certain risks and uncertainties, including changes in economic conditions in the market areas in which we do business, which could materially affect the credit quality trends; changes in laws, regulations or policies of regulatory agencies; fluctuations in interest rates; the demand for loans in the market areas in which we do business; and competition, which may result in actual results differing materially from historical earnings and current expected or projected. We warn readers not to make unnecessary reliance on such forward-looking statements, which only apply to the date made. We undertake no obligation to disclose the outcome of any review that may be made to future judgments to reflect events or circumstances after the date of such statements, or to reflect the occurrence of expected or unexpected events. Investment Contacts: Joseph D. Gangemi Investment Relations in the Company 610-695-3676 Investor Relations Contact: Ronald Morales610-695-3646