- FlexShopper (FPAY, Financial) forms a strategic partnership with ICON Vehicle Dynamics to expand lease-to-own options for vehicle upgrades.
- Company faces Nasdaq non-compliance notice due to delayed SEC filings, risking potential delisting without corrective measures.
- Deadline for submitting a compliance plan is June 16, 2025, with a potential extension until October 13, 2025, to regain compliance.
FlexShopper, Inc. (FPAY) has announced a strategic partnership with ICON Vehicle Dynamics to offer lease-to-own (LTO) financing options for premium off-road vehicle upgrades. This partnership aims to make high-quality performance parts more accessible to ICON's customers by providing flexible weekly payments without credit requirements.
The collaboration underscores FlexShopper's intent to broaden its market reach within the automotive aftermarket sector by enabling more customers to access top-tier vehicle components. This move aligns with ICON's focus on delivering superior performance parts for trucks, SUVs, and Jeeps.
However, FlexShopper faces significant regulatory challenges after receiving a notice of non-compliance from Nasdaq. The notice was issued due to the company’s failure to timely file its 2024 Form 10-K and Q1 2025 Form 10-Q with the Securities and Exchange Commission, violating Nasdaq Listing Rule 5250(c)(1). This non-compliance situation poses a risk of potential delisting from Nasdaq if not addressed promptly.
FlexShopper has until June 16, 2025, to submit a compliance plan. If Nasdaq accepts the plan, the company may receive up to 180 additional days, until October 13, 2025, to regain compliance. If the plan is rejected, FlexShopper will have the opportunity to appeal to a Nasdaq Hearings Panel.
Despite the regulatory concerns, FlexShopper continues to emphasize its commitment to transparency and aims to resolve these issues while pursuing strategic growth initiatives, such as its partnership with ICON Vehicle Dynamics.
