AVANGRID, Inc. (NYSE:AGR) today announced that AVANGRID will be
delayed in filing its Annual Report on Form 10-K for the fiscal
year ended December 31, 2017 (the “Form 10-K”), beyond the extended
deadline of March 16, 2018. AVANGRID is working diligently to file
the Form 10-K as soon as possible.
As previously disclosed by AVANGRID in its Notification of Late
Filing on Form 12b-25 filed with the Securities and Exchange
Commission (“SEC”) on March 2, 2018, AVANGRID has delayed filing
its Form 10-K because AVANGRID requires additional time to prepare
its accounting records, schedules, internal controls over financial
reporting, and management’s evaluation thereof due to a combination
of factors relating to certain income tax matters, including the
impact of the Tax Cuts and Jobs Act of 2017 enacted by the U.S.
federal government on December 22, 2017.
AVANGRID reaffirms the preliminary 2017 results announced in
AVANGRID’s press release issued on February 20, 2018, and filed
with the SEC on February 20, 2018, as amended by Amendment No 1. on
Form 8-K/A filed with the SEC on February 22, 2018. AVANGRID does
not expect that the 2017 results presented in its Form 10-K will
differ in any material respect from such preliminary results.
AVANGRID is working diligently with its current and former
independent registered public accounting firms to complete the
review and analysis of certain income tax matters, including
deferred income tax liabilities for which immaterial corrections
have been made to prior periods, and to obtain the related
attestation and audit opinions from its independent auditors. As
stated above, AVANGRID intends to file its Form 10-K as soon as
possible.
On March 16, 2018, AVANGRID also notified the New York Stock
Exchange (the “NYSE”) indicating that AVANGRID is not in compliance
with the NYSE’s continued listing requirements under the timely
filing criteria established in Section 802.01E of the NYSE Listed
Company Manual as a result of its failure to timely file its Form
10-K within the extended time period. The noncompliance with
Section 802.01E of the NYSE Listed Company Manual has no immediate
effect on the listing or trading of AVANGRID’s common stock on the
NYSE under the symbol “AGR.”
Under the NYSE rules, AVANGRID will have six months from March
16, 2018 to file its Annual Report on Form 10-K with the SEC.
AVANGRID can regain compliance with the NYSE listing standards
prior to such date by filing the Annual Report on Form 10-K with
the SEC. If AVANGRID fails to file the Annual Report on Form 10-K
prior to such date, then the NYSE may grant, at its discretion, a
further extension of up to six additional months, depending on the
specific circumstances. In addition, the NYSE may commence
delisting proceedings at any time if the circumstances warrant.
As stated above, AVANGRID reaffirms its preliminary 2017 results
and intends to file its Form 10-K as soon as possible.
Forward Looking Statements: This press release contains a
number of forward-looking statements. Forward-looking statements
may be identified by the use of forward-looking terms such as
“may,” “will,” “should,” “can,” “expects,” “future,” “would,”
“could,” can,” “expect(s,)” “believe(s),” “anticipate(s),”
“intend(s),” “plan(s),” “estimate(s),” “project(s),”“assume(s),”
“guide(s),” “target(s),” “forecast(s),” “are (is) confident that”
and “seek(s)”“can,” “expects,” “believes,” “anticipates,”
“intends,” “plans,” “estimates,” “projects,” “assumes,” “guides,”
“targets,” “forecasts,” “is confident that” and “seeks” or the
negative of such terms or other variations on such terms or
comparable terminology. Such forward-looking statements include,
but are not limited to, statements about our plans, objectives and
intentions, outlooks or expectations for earnings, revenues,
expenses or other future financial or business performance,
strategies or expectations, or the impact of legal or regulatory
matters on business, results of operations or financial condition
of the business and other statements that are not historical facts.
Such statements are based upon the reasonable current beliefs,
expectations, and assumptions of our management and are subject to
significant risks and uncertainties that could cause actual
outcomes and results to differ materially. Important factors that
could cause actual results to differ materially from those
indicated by such forward-looking statements include, without
limitation: our future financial performance, anticipated liquidity
and capital expenditures; actions or inactions of local, state or
federal regulatory agencies; success in retaining or recruiting,
our officers, key employees or directors; changes in levels or
timing of capital expenditures; adverse developments in general
market, business, economic, labor, regulatory and political
conditions; fluctuations in weather patterns; technological
developments; the impact of any cyber-breaches, grid disturbances,
acts of war or terrorism or natural disasters; the impact of any
change to applicable laws and regulations affecting operations,
including those relating to environmental and climate change,
taxes, price controls, regulatory approvals and permitting; and
other presently unknown or unforeseen factors.
Additional risks and uncertainties are set forth under the “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2016 and our Quarterly Report on Form 10-Q for the
nine months ended September 30, 2017, which are on file with the
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of the underlying
assumptions prove incorrect, actual results may vary in material
respects from those expressed or implied by these forward-looking
statements. You should not place undue reliance on these
forward-looking statements. We do not undertake any obligation to
update or revise any forward-looking statements to reflect events
or circumstances after the date of this press release, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a
diversified energy and utility company with approximately $32
billion in assets and operations in 27 states. The company owns
regulated utilities and electricity generation assets through two
primary lines of business, Avangrid Networks and Avangrid
Renewables. Avangrid Networks is comprised of eight electric and
natural gas utilities, serving approximately 3.2 million customers
in New York and New England. Avangrid Renewables operates
approximately 7.1 gigawatts of owned and controlled renewable
generation capacity, primarily through wind and solar, in 21 states
across the United States. AVANGRID employs approximately 6,600
people. For more information, visit www.avangrid.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180316005830/en/
AVANGRID, Inc.Media:Michael A. West, Jr.,
203-499-3858Michael.West@avangrid.comorInvestor
Relations:Patricia Cosgel,
203-499-2624Patricia.Cosgel@avangrid.com
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