FreightCar America Faces Delisting Notice
Ticker: RAIL · Form: 8-K · Filed: Dec 6, 2024 · CIK: 1320854
| Field | Detail |
|---|---|
| Company | Freightcar America, INC. (RAIL) |
| Form Type | 8-K |
| Filed Date | Dec 6, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, regulatory
TL;DR
FreightCar America got a notice about possibly getting delisted. Big trouble brewing.
AI Summary
FreightCar America, Inc. filed an 8-K on December 6, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company, incorporated in Delaware, is based in Chicago, Illinois, and operates in the railroad equipment industry. This filing indicates potential issues with the company's continued listing on an exchange.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the company's stock being removed from trading, impacting investors.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, indicating significant financial or compliance issues.
Key Players & Entities
- FreightCar America, Inc. (company) — Registrant
- December 6, 2024 (date) — Filing Date
- December 2, 2024 (date) — Earliest Event Reported
- Chicago, Illinois (location) — Principal Executive Offices
- Delaware (location) — State of Incorporation
FAQ
What specific rule or standard has FreightCar America, Inc. failed to satisfy, leading to this delisting notice?
The filing does not specify the exact rule or standard that FreightCar America, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the exact date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on December 2, 2024.
What is the principal executive office address for FreightCar America, Inc.?
The principal executive offices of FreightCar America, Inc. are located at 125 S. Wacker Drive, Suite 1500, Chicago, Illinois 60606.
What is the Commission File Number for FreightCar America, Inc.?
The Commission File Number for FreightCar America, Inc. is 000-51237.
Has FreightCar America, Inc. had a former company name or address change reported in this filing?
Yes, the filing notes that the former company name was FCA Acquisition Corp. and the date of the name change was March 16, 2005.
Filing Stats: 604 words · 2 min read · ~2 pages · Grade level 12.9 · Accepted 2024-12-06 16:14:54
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share RAIL Nasdaq Global Market
Filing Documents
- rail-20241202.htm (8-K) — 35KB
- 0000950170-24-134094.txt ( ) — 155KB
- rail-20241202.xsd (EX-101.SCH) — 31KB
- rail-20241202_htm.xml (XML) — 5KB
01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On December 2, 2024, FreightCar America, Inc. (the "Company") received a notification letter from the Nasdaq Stock Market ("Nasdaq") after the Company discovered and self-reported that between March 2024 and October 2024, the Company did not fully comply with the compensation committee charter requirements set forth in Nasdaq Listing Rule 5605(d)(1)(B) (the "Rule"). The notification letter stated that the Company was not in compliance with the Rule, which requires the charter of the compensation committee of the board of directors to specify the compensation committee's responsibility for determining, or recommending to the board of directors for determination, the compensation of the chief executive officer and all other Executive Officers of the company. In March 2024, the Company's Compensation Committee (the "Committee") charter (the "Charter") was amended to specify the Committee's responsibility for determining the compensation of only Named Executive Officers. On October 30, 2024, the Committee approved amendments to the Charter to specify that the Committee annually reviews and approves "compensation for each Executive Officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) of the Company," in compliance with the Rule. In the notification letter, Nasdaq staff determined that, subject to the Company complying with the disclosure requirements intended to be met by the filing of this Current Report on Form 8-K, the Company has regained compliance with the Rule. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FREIGHTCAR AMERICA, INC. Date: December 6, 2024 By: /s/ Michael A. Riordan Michael A. Riordan Vice President, Finance, Chief Financial Officer an