3D Systems Receives NYSE Notice Regarding Late Form 10-K Filing

Rhea-AI Summary

3D Systems (DDD) received a notice from the NYSE stating non-compliance with timely filing requirements for its Form 10-K. The company has six months to regain compliance by filing the Form 10-K with the SEC. Failure to do so may lead to delisting proceedings.

Positive

• None.

Negative

• Non-compliance with NYSE filing requirements for Form 10-K may impact the company's stock listing on the NYSE, potentially leading to delisting proceedings.

Insights

Financial Analyst

When a company fails to meet the NYSE's timely filing requirements, it raises concerns about the efficiency of its financial reporting processes and internal controls. While the delay in filing the Form 10-K does not directly affect the company's stock listing immediately, it can lead to a negative perception among investors and analysts, potentially impacting the stock's performance. It is important to consider the company's track record with filings and any previous instances of similar issues. Investors should monitor the situation closely for any updates on the completion of the audit procedures and the eventual filing of the Form 10-K. The statement that there are no expected material changes to the financial results compared to preliminary reports is intended to provide reassurance, but until the actual filing, uncertainty will remain.

Risk Management Expert

The notice from the NYSE is a red flag for risk management concerns. The inability to file required financial reports on time could be indicative of deeper issues within the company, such as inadequate financial oversight or potential accounting complexities that require additional scrutiny. Stakeholders should be aware of the risks associated with extended filing delays, including the potential for future restatements or discoveries of material misstatements. The company's assurance of no expected material changes is positive; however, the risk of unforeseen adjustments or findings cannot be completely disregarded. The six-month period to regain compliance provides a buffer, but the company's risk profile may change if the filing is not completed within this timeframe or if the NYSE decides to take action sooner.

Corporate Governance Expert

Adherence to filing deadlines is a key aspect of good corporate governance. The delay in filing the Form 10-K suggests potential weaknesses in corporate governance structures and practices. While the NYSE Notice offers a grace period, it is important for the company to address the underlying issues that led to the delay to restore confidence among shareholders and the market. The governance implications extend beyond the immediate filing concerns, as they may affect investor trust and the company's reputation in the long run. It is essential for the company to communicate transparently with its stakeholders about the reasons for the delay and the steps being taken to prevent future occurrences.

ROCK HILL, South Carolina, March 22, 2024 (GLOBE NEWSWIRE) -- 3D Systems (NYSE:DDD) (“the Company”) today announced that, on March 18, 2024, it received a notice (the “NYSE Notice”) from the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria established in Section 802.01E of the NYSE Listed Company Manual, because the Company has not timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”) with the Securities and Exchange Commission (the “SEC”).

The NYSE Notice has no immediate effect on the listing of the Company’s common stock on the NYSE. The NYSE Notice informed the Company that, under NYSE rules, the Company has six months from March 15, 2024 to regain compliance with the NYSE listing standards by filing the Form 10-K with the SEC. The NYSE further noted that, if the Company fails to file the Form 10-K within the six-month period, the NYSE may grant, at its sole discretion, an extension of up to six additional months for the Company to regain compliance, depending on the specific circumstances. The NYSE Notice also notes that the NYSE may nevertheless commence delisting proceedings at any time if it deems that the circumstances warrant.

As previously reported in the Company’s Notification of Late Filing on Form 12b-25 filed with the SEC on February 29, 2024 (the “Form 12b-25”), the Company was unable to file the Form 10-K within the prescribed period because additional time, resources and effort are required to complete work related to its financial reporting and close procedures. Subsequent to filing the Form 12b-25, the Company continued to dedicate significant resources to the completion of such procedures but was unable to file the Form 10-K by March 15, 2024, the end of the extension period provided by the Form 12b-25. The Company requires additional time to complete such procedures for the fourth quarter of fiscal year 2023.

Based on currently available information and subject to the completion of the audit procedures, the Company does not expect any material change to the financial results to be included in the Form 10-K compared to the financial information reported in the earnings release the Company furnished to the SEC on the Company’s Current Report on Form 8-K filed on February 28, 2024.

The Company is working diligently to complete the necessary work to file the Form 10-K as soon as practicable and currently expects to file the Form 10-K within the six-month period granted by the NYSE Notice; however, there can be no assurance that the Form 10-K will be filed within such period.

About 3D Systems

More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction – empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials, and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in healthcare and industrial markets such as medical and dental, aerospace & defense, automotive, and durable goods. More information on the Company is available at www.3DSystems.com.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the Company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the Company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the Company’s periodic filings with the SEC, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.

Investor Contact: Media Contact:

investor.relations@3dsystems.com press@3dsystems.com

FAQ

What notice did 3D Systems receive from the NYSE?

3D Systems received a notice from the NYSE stating non-compliance with timely filing requirements for its Form 10-K.

What is the deadline for 3D Systems to regain compliance with NYSE listing standards?

3D Systems has six months from March 15, 2024, to file the Form 10-K with the SEC and regain compliance.

What may happen if 3D Systems fails to file the Form 10-K within the given timeframe?

Failure to file the Form 10-K within the specified period may lead to delisting proceedings by the NYSE.

Is there any assurance that 3D Systems will file the Form 10-K within the granted period?

There is no assurance that 3D Systems will file the Form 10-K within the six-month period granted by the NYSE Notice.

What impact can non-compliance with NYSE listing standards have on 3D Systems?

Non-compliance with NYSE listing standards may affect 3D Systems' stock listing on the NYSE and could potentially lead to delisting proceedings.

Why was 3D Systems unable to file the Form 10-K within the prescribed period?

3D Systems required additional time, resources, and effort to complete work related to its financial reporting and close procedures.

Are there expected changes in the financial results included in the Form 10-K compared to previous reports?

Based on currently available information, 3D Systems does not anticipate any material changes in the financial results reported in the Form 10-K compared to previous earnings releases.

What is 3D Systems doing to address the non-compliance issue?

3D Systems is working diligently to complete the necessary work to file the Form 10-K as soon as practicable within the six-month period granted by the NYSE Notice.