SEC FILE NUMBER: 001-35147
CUSIP NUMBER: 759892300
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check one): ¨ Form 10-K ¨ Form 20-F ¨ Form 11-K x Form 10-Q ¨ Form 10-D ¨ Form N-SAR ¨ Form N-CSR
For Period Ended: SEPTEMBER 30, 2023
| ¨ | Transition Report on form 10-K |
| ¨ | Transition Report on Form 20-F |
| ¨ | Transition Report on Form 11-K |
| ¨ | Transition Report on Form 10-Q |
¨Transition Report on Form N-SAR For the Transition Period Ended:
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I ─ REGISTRANT INFORMATION
Moatable, Inc.
Full Name of Registrant
Former Name if Applicable
45 West Buchanan Street
Address of Principal Executive Office (Street and Number)
Phoenix, Arizona, 85003
City, State and Zip Code
PART II ─ RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
| (a) | The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; | |
| x | (b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |
| (c) | The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III ─ NARRATIVE
State below in reasonable detail why forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Moatable, Inc. (the “Company”) has determined that it requires more time to review the information included in the Unaudited Interim Report, and is therefore unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023 (the “Q3 2023 Form 10-Q”) by the prescribed due date. The Company is working diligently to complete the Q3 2023 Form 10-Q as soon as possible, and anticipates that it will file the Unaudited Interim Report on Form 10-Q on or before the fifth calendar day following November 14, 2023, the prescribed due date.
PART IV ─ OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
| Michael Schifsky | +1 | 435.655.5474 | ||
| (Name) | (Area Code) | (Telephone Number) |
| (2) | Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). |
Yes x No ¨
| (3) | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? |
Yes x No ¨
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
The Company anticipates an increase in revenues of 11% from $12.0 million in the third quarter ended September 30, 2022 to $13.3 million in the third quarter ended September 30, 2023. Revenue for the nine months ended September 30, 2023 increased 15%, to $38.3 million, compared to $33.3 million in the same period last year. Loss from operations improved 72% from a loss of $2.9 million in the third quarter ended September 30, 2022 to a loss of $0.8 million in the third quarter ended September 30, 2023; loss from operations for the nine months ended September 30, 2023 improved 38% to $7.0 million compared to $11.4 million in the same period last year. The increase in anticipated revenues was primarily due to an increase in our SaaS business sales in the US market.
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Forward-Looking Statements
This notification includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The word “expects,” “anticipates” and similar terms and phrases are used in this notification to identify forward-looking statements. Risks, uncertainties and assumptions that could affect the Company’s forward-looking statements include, among other things, any changes to our anticipated financial results as a result of our ability to confirm information or data identified in the review, our ability to complete and file future periodic filings with the SEC on a timely basis and other risks and uncertainties discussed more fully in the Company’s filings with the SEC. Unless required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Moatable, Inc.
(Name of Registrant as Specified in Charter)
| has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized. | |||
| Date: | November 14, 2023 | By: | /s/ Michael Schifsky |
| Name: | Michael Schifsky | ||
| Title: | Interim Chief Financial Officer | ||
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