Air Industries Group Receives Notice from NYSE American Regarding Late Filing of Quarterly Report on Form 10-Q
May 30 2023 - 4:30PM
Business Wire
Air Industries Group (NYSE American: AIRI) (“Air
Industries” or the “Company”) announced that on May 23, 2023, the
Company 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 March 31, 2023 (the “Delinquent Report”) by
the filing due date of May 22, 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 November 22, 2023 (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 filed its Annual Report on Form 10-K with the SEC on
May 16, 2023, and expects to file its Form 10-Q as soon as
practicable.
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.
ABOUT 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 file its Form 10-K
within the fifteen-day extension 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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