Stran (SWAG) was notified by Nasdaq that the company is not in compliance with exchange listing requirements because of the delay in filing Form 10-Q for the quarter ended Sept. 30.

The company also failed to file 10-Q reports on time for the quarters ended March 31 and June 30 and got an exception until Dec. 16 to file those reports.

Dec. 6 is the deadline to submit to Nasdaq an updated plan to regain compliance with listing rules, the company said Friday in a statement.

"The company intends to submit the required update to its plan and take the necessary steps to regain compliance with Nasdaq listing rules as soon as practicable," according to the statement.