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GWG Holdings Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)
August 19, 2019 at 4:45 PM EDT

MINNEAPOLIS, Aug. 19, 2019 (GLOBE NEWSWIRE) -- GWG Holdings, Inc. (Nasdaq: GWGH) today announced that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market, as anticipated, on August 16, 2019, informing the Company that it was not in compliance with the filing requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) as it has not yet filed with the Securities and Exchange Commission its quarterly report on Form 10-Q for the quarter ended June 30, 2019, which was due on August 14, 2019. 

The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.

As disclosed in its Notification of Late Filing pursuant to Rule 12b-25 of the Securities Exchange Act of 1934, filed on August 15, 2019, GWGH’s inability to timely file the Form 10-Q was due to the timing of the GWGH’s recent transition to a new independent registered public accounting firm, Whitley Penn LLP, and GWGH’s continued evaluation of the appropriate accounting treatment for the purchase and contribution transaction completed in April 2019.

Nasdaq’s letter provides that GWGH has until October 15, 2019 to submit a plan to regain compliance with Nasdaq's filing requirements for continued listing. If GWGH submits an acceptable compliance plan, Nasdaq is permitted to grant an extension of up to 180 days from the Form 10-Q's filing due date for GWGH to regain compliance with Nasdaq's filing requirements for continued listing.

The Company anticipates that it will regain compliance with the Nasdaq continued listing requirements upon filing its Form 10-Q within the 60-day period, and that regaining compliance within the 60-day period will eliminate the need for the Company to submit a formal plan to regain compliance.

About GWG Holdings, Inc. (GWG)
GWG Holdings, Inc. (Nasdaq: GWGH), the parent company of GWG Life, Life Epigenetics and YouSurance, is a leading provider of liquidity to consumers owning life insurance policies, an owner of a portfolio of alternative assets, and the developer of epigenetic technology for the life insurance and related industries. GWG Life provides value to consumers owning illiquid life insurance products across America, delivering $568 million more for their policies since 2006 than the cash surrender value on those policies. GWG Life owns a life insurance policy portfolio of $2.1 billion in face value of policy benefits as of June 30, 2019. Life Epigenetics is working to commercialize epigenetic technology for the life insurance and related industries. YouSurance, a digital life insurance agency, is working to embed epigenetic testing into life insurance purchasing to provide consumers a value-added ecosystem that supports their health and wellness while reducing the cost of their insurance. GWGH also has a strategic investment in The Beneficient Company Group, L.P., a financial services company providing proprietary liquidity solutions to owners of alternative assets. For more information about GWG Holdings, email or visit

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "would," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements, including, but not limited to the risks that we may not be able to file our Quarterly Report on Form 10-Q for quarter ended June 30, 2019 within the currently expected timeframe, risks that we may not regain compliance with NASDAQ continued listing requirements within the applicable grace period and risks associated with analysis and determination regarding the appropriate accounting treatment for the April 26, 2019 purchase and contribution transaction, as well as the other risks set forth in our filings with the SEC. We may not actually achieve the expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the expectations disclosed in the forward-looking statements that we make. More information about potential factors that could affect our business and financial results is contained in our filings with the SEC. Additional information will also be set forth in our future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the SEC. We do not intend, and undertake no duty, to release publicly any updates or revisions to any forward-looking statements contained herein.

Media Contact:
Dan Callahan
Director of Communication
GWG Holdings, Inc.
(612) 746-1935

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Source: GWG Holdings, Inc.