SigmaTron International, Inc. Receives Nasdaq Notice Regarding Late Form 10-K Filing
August 21 2024 - 4:15PM
SigmaTron International, Inc. (the “Company”) announced today that
on August 16, 2024, it received a delinquency notification letter
from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the
Company is not in compliance with the continued listing
requirements under Nasdaq Listing Rule 5250(c)(1) because the
Company did not timely file its Form 10-K for the fiscal year ended
April 30, 2024 (the “Form 10-K”). The notification letter has no
immediate effect on the listing or trading of the Company’s common
stock on the Nasdaq Capital Market.
The Company filed a Notification of Late Filing on Form 12b-25
on July 30, 2024, indicating that the filing of the Form 10-K would
be delayed because the Company requires additional time to complete
its year-end close procedures in light of ongoing negotiations with
the Company’s lenders with respect to amendments to the credit
agreements with J.P. Morgan Chase Bank, N.A. and TCW Asset
Management Company, as Administrative Agent. These processes
require significant resources from the Company’s financial,
accounting and administrative personnel and, as a result, the
Company requires additional time to complete its quarterly review,
including the preparation and finalization of its Form 10-K.
Nasdaq has informed the Company that the Company must submit a
plan of compliance (the “Plan”) within 60 calendar days, or no
later than October 15, 2024, addressing how it intends to regain
compliance with Nasdaq’s listing rules and, if Nasdaq accepts the
Plan, it may grant an extension of up to 180 calendar days from the
Form 10-K original filing due date, or until February 12, 2025, to
regain compliance.
The Company is working on completing the Form 10-K.
About SigmaTron International, Inc.
Headquartered in Elk Grove Village, Illinois, SigmaTron
International, Inc. operates in one reportable segment as an
independent provider of electronic manufacturing services (“EMS”).
The EMS segment includes printed circuit board assemblies,
electro-mechanical subassemblies and completely assembled
(box-build) electronic products. The Company and its wholly-owned
subsidiaries operate manufacturing facilities in Elk Grove Village,
Illinois; Acuna, Chihuahua, and Tijuana Mexico; Union City,
California; Suzhou, China; and Biên Hòa City, Vietnam. In addition,
the Company maintains an International Procurement Office and
Compliance and Sustainability Center in Taipei, Taiwan. The Company
also provides design services in Elk Grove Village, Illinois,
U.S.
Forward-Looking Statements
Note: This press release contains forward-looking statements.
Words such as “continue,” “anticipate,” “will,” “expect,”
“believe,” “plan,” and similar expressions identify forward-looking
statements. These forward-looking statements are based on the
current expectations of the Company. Because these forward-looking
statements involve risks and uncertainties, the Company’s plans,
actions and actual results could differ materially. Such statements
should be evaluated in the context of the direct and indirect risks
and uncertainties inherent in the Company’s business including, but
not necessarily limited to, the Company’s continued dependence on
certain significant customers; the continued market acceptance of
products and services offered by the Company and its customers;
pricing pressures from the Company’s customers, suppliers and the
market; the activities of competitors, some of which may have
greater financial or other resources than the Company; the
variability of the Company’s operating results; the results of
long-lived assets and goodwill impairment testing; the risks
inherent in any merger, acquisition or business combination,
including the ability to achieve the expected benefits of
acquisitions as well as the expenses of acquisitions; the
collectability of aged account receivables; the variability of the
Company’s customers’ requirements; the impact of inflation on the
Company’s operating results; the availability and cost of necessary
components and materials; the impact acts of war may have to the
supply chain; the ability of the Company and its customers to keep
current with technological changes within its industries;
regulatory compliance, including conflict minerals; the continued
availability and sufficiency of the Company’s credit arrangements;
the costs of borrowing under the Company’s senior and subordinated
credit facilities, including under the rate indices that replaced
LIBOR; increasing interest rates; the ability to meet the Company’s
financial and restrictive covenants under its loan agreements;
changes in U.S., Mexican, Chinese, Vietnamese or Taiwanese
regulations affecting the Company’s business; the turmoil in the
global economy and financial markets; public health crises,
including COVID-19 and variants; the continued availability of
scarce raw materials, exacerbated by global supply chain
disruptions, necessary for the manufacture of products by the
Company; the stability of the U.S., Mexican, Chinese, Vietnamese
and Taiwanese economic, labor and political systems and conditions;
global business disruption caused by the Russian invasion of
Ukraine and related sanctions and the Israel-Hamas conflict;
currency exchange fluctuations; and the ability of the Company to
manage its growth. These and other factors which may affect the
Company’s future business and results of operations are identified
throughout the Company’s Annual Report on Form 10-K, and as risk
factors, may be detailed from time to time in the Company’s filings
with the Securities and Exchange Commission. These statements speak
as of the date of such filings, and the Company undertakes no
obligation to update such statements in light of future events or
otherwise unless otherwise required by law.
For Further Information Contact:SigmaTron International,
Inc.James J. Reiman1-800-700-9095
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