CPI Aerostructures Receives Extension to Cure Non-Compliance from NYSE
CPI Aerostructures, Inc. (CVU) announced on October 15, 2020, that it received a notice from NYSE American confirming acceptance of its compliance plan for timely filing criteria. The exchange has granted a three-month extension until January 15, 2021, for CPI Aero to file its Quarterly Reports on Form 10-Q for the quarters ending June 30, 2020, and September 30, 2020. The notification does not affect the trading of CPI Aero's stock immediately. Continued compliance is crucial as failure to meet the deadline may lead to additional action from the exchange.
- CPI Aero received a three-month extension for filing Quarterly Reports on Form 10-Q.
- The notice from NYSE American does not have an immediate effect on the trading of CPI Aero's stock.
- Failure to file the necessary Forms 10-Q by January 15, 2021, may result in additional scrutiny from the NYSE American.
- Potential future delisting if compliance is not met.
EDGEWOOD, N.Y., Oct. 16, 2020 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced that, on October 15, 2020, it received a notice from the NYSE American LLC (“Exchange”) informing CPI Aero that the Exchange had accepted CPI Aero’s plan to regain compliance with the Exchange standard for continued listing of its common stock under the timely filing criteria included in Section 1007 of the NYSE American Company Guide. The Exchange has granted CPI Aero additional three-month period, or until January 15, 2021, to file its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2020 and September 30, 2020 and to regain compliance with the timely filing criteria. The notification from the Exchange has no immediate effect on the listing or trading of the Company’s common stock. If the Company fails to file such Forms 10-Q on or before January 15, 2021, the Exchange may, in its sole discretion, allow the Company's common stock to trade for up to an additional three months.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.
The above statements include forward looking statements that involve risks and uncertainties. Such forward-looking statements may relate to, among other things, CPI Aero’s continued efforts and ability to regain and maintain compliance with the NYSE American Company Guide and the timing of the filing of CPI Aero’s Form 10-Qs. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties. CPI Aero does not undertake any obligation to update forward-looking statements as a result of new information, future events or developments or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Contact:
Investor Relations Counsel:
LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com
FAQ
What is the status of CPI Aero's compliance with the NYSE American listing standards?
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