AmpliTech Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

AmpliTech Group (Nasdaq: AMPG) received a notice of non-compliance from Nasdaq on May 22, 2024, due to the late filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2024. The notice currently has no immediate impact on AmpliTech's Nasdaq listing. The company has 60 days to submit a plan to regain compliance. If accepted, AmpliTech may get up to 180 days from the Form 10-Q due date, until November 18, 2024, to comply. The company aims to file the report as soon as possible and anticipates doing so before needing to submit a compliance plan.

Positive

• No immediate impact on Nasdaq listing.
• AmpliTech is working diligently to complete the Form 10-Q.
• Potential extension up to 180 days to regain compliance if the plan is accepted.

Negative

• Received a notice of non-compliance from Nasdaq.
• Failure to timely file the quarterly report on Form 10-Q.
• Risk of delisting if compliance is not achieved.

HAUPPAUGE, N.Y., May 24, 2024 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc.  (Nasdaq: AMPG, AMPGW), announced today that it received a notice of non-compliance from the Nasdaq Stock Market on May 22, 2024 notifying the company that, as a result of its failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2024, the company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires listed companies to timely file all periodic financial reports with the U.S. Securities and Exchange Commission. This notice has no immediate effect on the listing of AmpliTech on Nasdaq.

Under Nasdaq’s listing rules, AmpliTech has 60 calendar days to submit a plan to regain compliance. If AmpliTech’s plan is accepted by Nasdaq, the company can be granted up to 180 calendar days from the Form 10-Q due date, or until November 18, 2024, to regain compliance.

AmpliTech is working diligently to complete its Form 10-Q and intends to file it as soon as practicable to regain compliance with the Rule. AmpliTech anticipates that it will file the Form 10-Q prior to the date on which it is required to submit its plan to regain compliance; however, if it is not filed by such date, the company will instead submit the plan.

About AmpliTech

AmpliTech is a leading designer, developer, manufacturer, and distributer of state-of-the-art radio frequency (RF) microwave components for global satellite communications, telecom (5G & IoT), space, defense, and quantum computing markets as well as systems and component design consulting services. In December 2021, the AmpliTech completed the purchase of the assets and operations of Spectrum Semiconductor Materials Inc., a global specialty distributor of semiconductor components based in San Jose, CA. AmpliTech has a 13+ year track record of developing high performance, custom solutions to meet the unique needs of some of the largest companies in the global industries it serves. AmpliTech is proud of its team's unique skills, experience and dedication, which enables the company to deliver superior solutions, faster time to market, competitive pricing, excellent customer satisfaction and repeat business. For more information, visit: www.amplitechgroup.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact may be deemed forward looking including, but not limited to, statements regarding: the Company’s current business plans and objectives, including the pursuit of strategic alternatives to maximize stockholder value. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “advance,” “believes,” “target,” “may,” “intend,” “could,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on April 1, 2024. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

Contacts:

Corporate Social Media

Twitter: @AmpliTechAMPG
Instagram: @AmpliTechAMPG
Facebook: AmpliTechInc
LinkedIn: Amplitech Group Inc

Investor Social Media

Twitter: @AMPG_IR
StockTwits: @AMPG_IR

Company Contact:

Jorge Flores
Investors@amplitechgroup.com

FAQ

What notice did AmpliTech receive from Nasdaq?

AmpliTech received a notice of non-compliance from Nasdaq due to the late filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2024.

What is the impact of the non-compliance notice on AmpliTech's Nasdaq listing?

The notice currently has no immediate impact on AmpliTech's Nasdaq listing.

What is the deadline for AmpliTech to submit a plan to regain compliance?

AmpliTech has 60 calendar days from May 22, 2024, to submit a plan to regain compliance.

How much additional time can AmpliTech get to comply if their plan is accepted?

If the plan is accepted, AmpliTech can be granted up to 180 days from the Form 10-Q due date, until November 18, 2024, to regain compliance.

What is AmpliTech's strategy regarding the late Form 10-Q filing?

AmpliTech is working to complete and file the Form 10-Q as soon as practicable to regain compliance.