Air Industries Group Receives Notice from NYSE American Regarding Late Filing of Annual Report on Form 10-K

Rhea-AI Summary

Air Industries Group (NYSE American: AIRI) announced it received a notice from NYSE Regulation on April 18, 2023, for failing to comply with continued listing standards due to not filing its Annual Report on Form 10-K by the April 17, 2023 deadline. The company has until October 17, 2023, to file the report to regain compliance. If unsuccessful, an additional six months may be granted. The company's stock will continue to trade with a late filer indicator during this period, pending compliance with other listing requirements. Air Industries is an integrated Tier 1 manufacturer in aerospace and defense and a prime contractor for the U.S. Department of Defense.

Positive

• Air Industries has been granted a six-month Initial Cure Period to file its Form 10-K, allowing time to regain compliance.
• The Company's securities will continue trading on the NYSE American during the cure period.

Negative

• Failure to file the Form 10-K by the end of the Initial Cure Period could lead to delisting from the NYSE.
• Non-compliance may negatively impact investor confidence and stock performance.

BAY SHORE, N.Y.--(BUSINESS WIRE)-- Air Industries Group (NYSE American: AIRI) (“Air Industries” or the “Company”) announced that on April 18, 2023, the Company received a notice from NYSE Regulation stating that the Company is not in compliance with the continued listing standards of the NYSE American (the “Exchange”) under the timely filing criteria set forth in Section 1007 of the NYSE American Company Guide (the “Company Guide”). The non-compliance results from the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Delinquent Report”) by the filing due date of April 17, 2023 (the “Filing Delinquency”).

In accordance with Section 1007 of the Company Guide, the Company will have six months from the date of the Filing Delinquency, or until October 17, 2023 (the “Initial Cure Period”), to file the Form 10-K with the SEC. If the Company fails to file the Form 10-K during the Initial Cure Period, the Exchange may, in its sole discretion, provide an additional six-month cure period (the “Additional Cure Period”). The Company can regain compliance with the Exchange’s continued listing standards at any time during the Initial Cure Period or Additional Cure Period, as applicable, by filing the Form 10-K and any subsequent delayed filings with the SEC.

The Company is seeking to file its Form 10-K as soon as practicable.

During the Initial Cure Period and the Additional Cure Period, if applicable, the Company’s securities will continue to trade on the Exchange, subject to the Company’s compliance with other continued listing requirements, with a late filer (“.LF”) indicator.

AIR INDUSTRIES GROUP is an integrated Tier 1 manufacturer of precision assemblies and components for mission-critical aerospace and defense applications, and a prime contractor to the U.S. Department of Defense.

Forward Looking Statements
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. [Other important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the Company’s ability to file its Form 10-K within the fifteen-day extension permitted by the rules of the U.S. Securities and Exchange Commission.] The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

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Information

Air Industries Group

Investor Relations

631.328.7078

ir@airindustriesgroup.com

Source: Air Industries Group

FAQ

What is the status of Air Industries Group's compliance with NYSE regulations?

Air Industries Group received a notice of non-compliance for failing to file its Form 10-K by the April 17, 2023 deadline.

When does Air Industries need to file its Form 10-K to avoid delisting?

The company must file its Form 10-K by October 17, 2023, to regain compliance.

What happens if Air Industries fails to file its Form 10-K by the deadline?

If the Form 10-K is not filed by the deadline, Air Industries could face potential delisting from the NYSE.

Is Air Industries Group still trading on the NYSE?

Yes, Air Industries Group's securities will continue trading on the NYSE American during the cure periods.