On April 3, 2020, Tandy Leather Factory, Inc. (the “Company”) received an additional delinquency notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that because the Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2019 (the “Form 10-K”), the Company is not in compliance with the Nasdaq filing requirement, as set forth in Nasdaq Listing Rule 5250(c)(1) (the “Rule”). As previously disclosed, Nasdaq Listing Rule 5250(c)(1), in pertinent part, requires the Company to timely file all required periodic reports with the Securities and Exchange Commission. The Company previously reported (in Current Reports on Form 8-K filed on August 23, and November 25, 2019) the receipt of two prior notices of delinquency from Nasdaq, which related to the Company’s Quarterly Reports on Form 10-Q for the three- and six-months ended June 30, 2019 and the three- and nine-months ended September 30, 2019.

On April 2, 2020, the Company attended a hearing before the Nasdaq Hearings Panel (the “Panel”), at which hearing the Company presented its plan to evidence compliance with the Rule and requested that the Panel allow the Company to remain listed and eligible to trade on Nasdaq pending the Company’s return to compliance with the Rule. The Panel has the discretion to grant the Company an extension to evidence compliance with the Rule through no later than August 10, 2020. The Company is currently awaiting the Panel’s formal determination in response to the Company’s request for continued listing on Nasdaq.

On April 7, 2020, the Company issued a press release announcing its receipt of the Nasdaq letter. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

(d) Exhibits

Forward Looking Statements

Certain statements contained in this report and other materials the Company files with the SEC, as well as information included in oral statements or other written statements made or to be made by the Company, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “may,” “will,” “could,” “should,” “anticipate,” “believe,” “budgeted,” “expect,” “intend,” “plan,” “project,” “potential,” “estimate,” “continue,” “outlook,” “forecast” or “future,” variations thereof or other similar statements. Please refer to the Company\’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 for additional information concerning these and other uncertainties that could negatively impact the Company. The Company assumes no obligation to update or otherwise revise its forward-looking statements, except as required by law.

TANDY LEATHER FACTORY INC Exhibit
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1   FOR IMMEDIATE RELEASE   April 7,…
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About Tandy Leather Factory, Inc. (NASDAQ:TLF)

Tandy Leather Factory, Inc. is a retailer and a wholesale distributor of a range of leather and related products. The Company’s products include leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company also manufactures leather lacing and some of its do-it-yourself kits. The Company operates through three segments: Wholesale Leathercraft, Retail Leathercraft and International Leathercraft. The Wholesale Leathercraft segment consists of a chain of wholesale stores operating under the name, The Leather Factory, located in North America. The Retail Leathercraft segment consists of a chain of retail stores operating under the name, Tandy Leather Company, located in North America. The International Leathercraft segment sells to both wholesale and retail customers. The Company has approximately four stores, two located in the United Kingdom, one located in Australia and one located in Spain.