Air Industries Group Receives Notice from NYSE American Regarding Late Filing of Quarterly Report on Form 10-Q
29 Noviembre 2023 - 3:30PM
Business Wire
Air Industries Group (NYSE American: AIRI) (“Air
Industries” or the “Company”) announced that on November 21, 2023,
it received a notice from NYSE Regulation stating that the Company
is not in compliance with the continued listing standards of the
NYSE American (the “Exchange”) under the timely filing criteria set
forth in Section 1007 of the NYSE American Company Guide (the
“Company Guide”). The non-compliance results from the Company’s
failure to timely file its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023 (the “Delinquent Report”) by the
filing due date of November 20, 2023 (the “Filing
Delinquency”).
In accordance with Section 1007 of the Company Guide, the
Company will have six months from the date of the Filing
Delinquency, or until May 20, 2024 (the “Initial Cure Period”), to
file the Form 10-Q with the SEC. If the Company fails to file the
Form 10-Q during the Initial Cure Period, the Exchange may, in its
sole discretion, provide an additional six-month cure period (the
“Additional Cure Period”). The Company can regain compliance with
the Exchange’s continued listing standards at any time during the
Initial Cure Period or Additional Cure Period, as applicable, by
filing the Form 10-Q and any subsequent delayed filings with the
SEC.
The Company has completed all internal procedures necessary for
the preparation of its financial statements, is in the process of
coordinating with its auditors to enable them to complete their
review processes and is finalizing the preparation of the Form 10-Q
and anticipates that the Form 10-Q will be filed in the foreseeable
future.
Nothing has come to the attention of the Company during the
ongoing preparation of its Form 10-Q that would cause it to change
the financial information presented in the Form 12B-25 filed
November 15, 2023.
During the Initial Cure Period and the Additional Cure Period,
if applicable, the Company’s securities will continue to trade on
the Exchange, subject to the Company’s compliance with other
continued listing requirements, with a late filer (“.LF”)
indicator.
AIR INDUSTRIES GROUP is an integrated Tier 1 manufacturer
of precision assemblies and components for mission-critical
aerospace and defense applications, and a prime contractor to the
U.S. Department of Defense.
Forward Looking Statements
Certain matters discussed in this press release are
‘forward-looking statements’ intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. In particular, the Company’s
statements regarding trends in the marketplace, future revenues,
earnings and Adjusted EBITDA, the ability to realize firm backlog
and projected backlog, cost cutting measures, potential future
results and acquisitions, are examples of such forward-looking
statements. The forward-looking statements are subject to numerous
risks and uncertainties, including, but not limited to, the timing
of projects due to variability in size, scope and duration, the
inherent discrepancy in actual results from estimates, projections
and forecasts made by management, regulatory delays, changes in
government funding and budgets, and other factors, including
general economic conditions, not within the Company’s control.
Other important factors that may cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, the Company’s ability to timely file its
periodic reports within the time periods permitted by the rules of
the U.S. Securities and Exchange Commission. The factors discussed
herein and expressed from time to time in the Company’s filings
with the Securities and Exchange Commission could cause actual
results and developments to be materially different from those
expressed in or implied by such statements. The forward-looking
statements are made only as of the date of this press release and
the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
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Air Industries Group Investor Relations 631.328.7078
ir@airindustriesgroup.com
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