Air Industries Group Receives Notice from NYSE American Regarding Late Filing of Annual Report on Form 10-K
April 25 2023 - 7:30AM
Business Wire
Air Industries Group (NYSE American: AIRI) (“Air
Industries” or the “Company”) announced that on April 18, 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 Annual Report on Form 10-K for
the year ended December 31, 2022 (the “Delinquent Report”) by the
filing due date of April 17, 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 October 17, 2023 (the “Initial Cure Period”),
to file the Form 10-K with the SEC. If the Company fails to file
the Form 10-K 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-K and any subsequent delayed filings with the
SEC.
The Company is seeking to file its Form 10-K 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.
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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Information
Air Industries Group Investor Relations 631.328.7078
ir@airindustriesgroup.com
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