PORTLAND, Ore., Oct. 23,
2020 /PRNewswire/ -- On October 19,
2020, Schmitt Industries, Inc. (NASDAQ: SMIT) (the "Company"
or "Schmitt") received written notice from the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company that it did not file its Quarterly Report on
Form 10-Q for the quarter ended August 31,
2020 (the "Form 10-Q") by October 16,
2020, as required for continued listing on the Nasdaq
Capital Market pursuant to Nasdaq Listing Rule 5250(c)(1). Under
Nasdaq rules, the Company has 60 calendar days, or until December
18, 2020, to submit to Nasdaq a plan to regain compliance with
Nasdaq rules. If Nasdaq accepts the plan, the Company will have
until April 13, 2021 to regain compliance. The Company intends to
file the Form 10-Q by October 30, 2020 to regain compliance.
Schmitt's common stock will continue to be listed and traded on
the Nasdaq Capital Market during the 60-day grace period, subject
to its compliance with the other continued listing requirements of
the Nasdaq Capital Market.
About Schmitt Industries
Schmitt Industries, Inc., is
an American company headquartered in Portland, Oregon, United States. The Company wholly owns Acuity®
Lasers and Xact® Tank Monitor product lines, as well as Ample Hills
Acquisition LLC.
Safe Harbor Statement
This document may contain
forward-looking statements made pursuant to the Private Securities
Litigation Reform Act of 1995. These statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to predict. Actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors. A complete
discussion of the risks and uncertainties that may affect Schmitt's
business, including the business of its subsidiary, is included in
"Risk Factors" in the Company's most recent Annual Report on Form
10-K as filed by the Company with the Securities and Exchange
Commission.
Contact:
Schmitt Industries, Inc.
Michael R. Zapata
Chief Executive Officer
(503) 227-7908
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SOURCE Schmitt Industries, Inc.