Smith-Midland Faces Nasdaq Delisting Warning
Ticker: SMID · Form: 8-K · Filed: May 29, 2024
Sentiment: neutral
Topics: listing-rule, delisting-warning, compliance
Related Tickers: SMC
TL;DR
SMC got a Nasdaq delisting warning, has until Nov 18 to fix it.
AI Summary
Smith-Midland Corporation (SMC) announced on May 22, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet a continued listing rule. The company has been granted a period until November 18, 2024, to regain compliance with the minimum bid price requirement.
Why It Matters
This filing signals potential delisting from Nasdaq, which could impact the stock's liquidity and investor confidence.
Risk Assessment
Risk Level: medium — The company is at risk of delisting from Nasdaq if it cannot meet the minimum bid price requirement.
Key Numbers
- November 18, 2024 — Compliance Deadline (Date by which SMC must regain compliance with Nasdaq's minimum bid price rule.)
Key Players & Entities
- Smith-Midland Corporation (company) — Registrant
- Nasdaq Stock Market (company) — Listing Exchange
- November 18, 2024 (date) — Compliance Deadline
- May 22, 2024 (date) — Date of Notice
FAQ
What specific Nasdaq listing rule has Smith-Midland Corporation failed to meet?
The filing indicates a failure to meet the minimum bid price requirement for continued listing on the Nasdaq Stock Market.
What is the deadline for Smith-Midland Corporation to regain compliance?
Smith-Midland Corporation has been granted a period until November 18, 2024, to regain compliance.
What is the company's plan to address the minimum bid price deficiency?
The filing does not detail specific plans to address the deficiency, only that the company intends to regain compliance.
Has Smith-Midland Corporation received a delisting determination yet?
No, the company received a notice indicating a failure to meet a continued listing rule, and has been granted time to comply, not a final delisting determination.
What is the company's ticker symbol?
The filing does not explicitly state the ticker symbol, but the company name is Smith-Midland Corporation.
Filing Stats: 528 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-05-29 10:58:21
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share SMID NASDAQ I
Filing Documents
- smid_8k.htm (8-K) — 23KB
- 0001654954-24-007006.txt ( ) — 143KB
- smid-20240522.xsd (EX-101.SCH) — 6KB
- smid-20240522_lab.xml (EX-101.LAB) — 14KB
- smid-20240522_cal.xml (EX-101.CAL) — 1KB
- smid-20240522_pre.xml (EX-101.PRE) — 9KB
- smid-20240522_def.xml (EX-101.DEF) — 2KB
- smid_8k_htm.xml (XML) — 4KB
01
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On May 24, 2024, Smith-Midland Corporation (the "Company") received a letter from Nasdaq indicating that the Company has regained compliance as it relates to its Annual Report on Form 10-K ("10-K") for the year ended December 31, 2023. The Company's 10-K was filed on May 23, 2024. On May 22, 2024, the Company received a letter from Nasdaq, indicating it was not in compliance with Nasdaq listing rule 5250(c)(1), which requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission. The required filing in question is the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 ("10-Q"). The delay in filing the 10-Q is related to the Company requiring additional time to complete its financial reporting close process as a result of delays in filing the Company's 10-K. The Company expects to file its 10-Q in the near future.
Financial Statements and Exhibits
Financial Statements and Exhibits. (c) Exhibits Exhibit No Exhibit Description 104 Cover Page Interactive Data File (embedded within Inline XBRL document) 2
SIGNATURES
SIGNATURES 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. Date: May 29, 2024 SMITH-MIDLAND CORPORATION By: /s/ Stephanie Poe Stephanie Poe Chief Financial Officer 3