Jamba Receives Positive Nasdaq Panel Decision

FRISCO, Texas--(BUSINESS WIRE)--Jamba, Inc. (Nasdaq:JMBA) (the “Company”) today announced that it received a positive decision from the Nasdaq Hearings Panel of The Nasdaq Stock Market (“Nasdaq”) granting the Company’s request to continue its listing on Nasdaq, subject to the condition that the Company provide the Panel with a written update on the status of its work on its Form 10-K for the fiscal year ended January 3, 2017 and its Forms 10-Q for the fiscal quarters ended April 3, July 4 and October 3, 2017 (collectively, the “delinquent filings”) on or before February 1, 2018 and file with the Securities and Exchange Commission its delinquent filings on or before March 15, 2018. The Panel’s determination follows an in-person hearing before the Panel at which the Panel considered the Company’s plan to regain compliance with Nasdaq’s listing requirements and the Company’s reasons for delay, including the changes the Company underwent in the past several years as it moved its business to a franchise-focused model and the significant changes in leadership, key personnel, and relocation of corporate office in 2016, resulting in a significant increase in non-routine transactions which impacted processes related to the preparation of the financial reports, and a reduced materiality threshold. The Company is diligently working to satisfy the terms of the Panel’s decision.