GWG Holdings Inc. (Nasdaq: GWGH), a financial services firm and sponsor of non-traded direct investment offerings, has received a letter from the Nasdaq’s listing qualifications department notifying the company that it was not in compliance with a listing rule that requires the timely filing of annual financial reports.
GWG notified the SEC on March 31st on its inability to file its 2020 annual report within the prescribed time period because it required additional time to complete its financial statements and related disclosures.
The Nasdaq letter, which has no immediate effect on the listing or trading of GWGH’s common stock, states that the company is required to submit a plan to Nasdaq to regain compliance with the rule within 60 calendar days from the date of the letter. If the plan is accepted, then it can grant GWG up to 180 calendar days from the due date of the annual report to regain compliance.
GWG anticipates that it will file its report prior to the 60-day deadline and regain compliance with the Nasdaq continued listing requirements.
Shares of GWGH closed at $6.93 on Monday, up from its previous close of $6.87.
GWG Holdings is a financial services firm based in Dallas that provides liquidity and services for the owners of illiquid investments. Through its subsidiaries, The Beneficient Company Group L.P. and GWG Life LLC, the company owns and manages a portfolio of alternative assets that, as of September 30, 2020, included $1.9 billion in life insurance policy benefits, and exposure to a loan portfolio secured by 122 alternative investment funds.