Business Context and Reporting Period
Company: Air Industries Group (AIRI)
Filing Type: Form 8-K (Current Report)
Date of Report: November 21, 2023 (Event Date)
Reporting Period: The filing addresses a delinquency regarding the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
Key Financial Metrics
This filing is a notice of delisting risk and does not contain specific financial performance data. The text explicitly states that the filing does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity. The Company noted that nothing has come to its attention during the preparation of the overdue Form 10-Q that would change the financial information previously presented in a Form 12B-25 filed on November 15, 2023.
Material Changes
- Delisting Notice: On November 21, 2023, the Company received a notice from NYSE Regulation stating it is not in compliance with continued listing standards due to the failure to file its Form 10-Q by the extended due date of November 20, 2023.
- Trading Status: Securities will continue to trade on the NYSE American with a late filer (".LF") indicator during the cure period.
Guidance, Outlook, and Risks
- Cure Period: The Company has an initial six-month cure period until May 20, 2024, to file the delinquent Form 10-Q. An additional six-month period may be granted at the Exchange's discretion.
- Delisting Risk: The Exchange reserves the right to truncate the cure period or immediately commence suspension and delisting procedures if it deems continued listing inadvisable or if the Company fails to file within the allotted time.
- Management Commentary: The Company states it has completed internal procedures for financial statement preparation and is coordinating with auditors to finalize the Form 10-Q, anticipating filing in the foreseeable future.
- Forward-Looking Statements: The filing includes standard disclaimers that expectations regarding the filing of the Form 10-Q and financial information are not guarantees of future performance.
Investor Verification Checklist
- Verify the filing status of the Form 10-Q for the quarter ended September 30, 2023, on the SEC EDGAR database.
- Monitor the stock ticker (AIRI) for the ".LF" (late filer) trading indicator on the NYSE American.
- Review the Form 12B-25 filed on November 15, 2023, for the most recent available financial data.
- Track any subsequent press releases or 8-K filings regarding the resolution of the delinquency or potential delisting proceedings before May 20, 2024.