SIFCO Industries, Inc. Received Notice of Non-Compliance with NYSE AMERICAN Continued Listing Requirements
August 28 2023 - 3:20PM
Business Wire
SIFCO Industries, Inc. (NYSE American: SIF) (the “Company” or
“SIFCO”) received a notice on August 22, 2023 from the NYSE
American LLC ("NYSE American") indicating that, due to the delay in
the filing of its Quarterly Report on Form 10-Q for the period
ended June 30, 2023 (the “Form 10-Q”), the Company is not in
compliance with the continued listing standards of the NYSE
American, and is subject to the procedures and requirements set
forth in Section 1007 of the NYSE American Company Guide. Under the
applicable provisions of the NYSE American Company Guide, until
SIFCO files its Form 10-Q, its common stock will remain listed on
the NYSE American under the symbol “SIF,” but will be assigned an
".LF" indicator to indicate late filing status. Five business days
following the receipt of this noncompliance notice, SIFCO will be
added to the list of NYSE American noncompliant issuers on the
website and the indicator will be disseminated with the Company’s
ticker symbol. The indicator will be removed once the Company has
regained compliance with all applicable listing standards.
As noted in the Form 12b-25 filed on August 14, 2023, SIFCO has
experienced delays in obtaining and compiling the information
required in order to complete the preparation of its financial
statements to be included in its Quarterly Report on Form 10-Q for
the period ended June 30, 2023. This is primarily attributable to
information access limitations experienced due to the cyber
incident that the Company became aware of on December 30, 2022 (the
“Cyber Incident”) and was reported by the Company on Form 8-K filed
with the Securities and Exchange Commission on January 6, 2023 and
further described by the Company on Forms 8-K filed with the
Securities and Exchange Commission on each of February 10, 2023 and
April 12, 2023. Accordingly, the Company is not able to complete
the preparation, review and filing of its Form 10-Q for the quarter
ended June 30, 2023 within the prescribed time period without
unreasonable effort or expense.
In order to maintain its listing, SIFCO will have a six-month
period from August 21, 2023 to regain compliance with Section 1007
of the NYSE American Company Guide. The Company will be monitored
by the NYSE American during this time, and the NYSE American will
initiate delisting procedures if deemed appropriate.
The Company expects to complete the preparation, review and
filing of the Form 10-Q within the timeframe prescribed under
Section 1007 of the NYSE American Company Guide.
Forward-Looking Language
Certain statements contained in this press release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, such as statements
relating to financial results and plans for future business
development activities, and are thus prospective. Such
forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, economic conditions, concerns with
or threats of, or the consequences of, pandemics, contagious
diseases or health epidemics, including COVID-19, competition and
other uncertainties the Company, its customers, and the industry in
which they operate have experienced and continue to experience,
detailed from time to time in the Company’s Securities and Exchange
Commission filings.
The Company's Annual Report on Form 10-K for the year ended
September 30, 2022 and other reports filed with the Securities and
Exchange Commission can be accessed through the Company's website:
www.sifco.com, or on the Securities and Exchange Commission's
website: www.sec.gov.
SIFCO Industries, Inc. is engaged in the production of forgings
and machined components primarily for the aerospace and energy
markets. The processes and services include forging, heat-treating,
coating, and machining.
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version on businesswire.com: https://www.businesswire.com/news/home/20230828193220/en/
SIFCO Industries, Inc. Thomas R. Kubera, 216-881-8600
www.sifco.com
Sifco Industries (AMEX:SIF)
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