FRIEDMAN INDUSTRIES, INCORPORATED PROVIDES UPDATE ON FORM 10-K FILING

Rhea-AI Summary

Friedman Industries transitioned to an accelerated filer status effective March 31, 2022, after its public float reached approximately $76 million, exceeding the SEC threshold of $75 million. Consequently, the Company had a Form 10-K filing deadline of June 14, 2022. However, it filed a Form NT 10-K on that date, indicating a delay due to ongoing drafting and audit processes. The Company expects to file its Form 10-K by July 22, 2022. This delay was influenced by the recent acquisition of Plateplus, Inc. and COVID-19 cases affecting staff.

Positive

• Transitioned to accelerated filer status, reflecting significant growth.
• Public float surpassed SEC threshold, indicating strong market position.

Negative

• Delayed filing of Form 10-K due to ongoing audit processes.
• COVID-19 cases among staff contributed to filing delays.

LONGVIEW, Texas, June 29, 2022 (GLOBE NEWSWIRE) -- The Company’s measurement date to determine its filer status with the Securities and Exchange Commission (“SEC”) is September 30^th of each year based on the Company’s fiscal year end date of March 31^st. On September 30, 2021, the Company’s public float was approximately $76 million which surpassed the SEC’s accelerated filer threshold of $75 million and the Company’s revenues for the most recent fiscal year exceeded $100 million. As a result, the Company’s filer status change from a non-accelerated filer to an accelerated filer effective with the March 31, 2022 Form 10-K (“Form 10-K”).

As an accelerated filer the Company’s Form 10-K was due June 14, 2022. On June 14, 2022, the Company filed a Form NT 10-K with the SEC providing notice of inability to timely file. The Form NT provides relief for the filing to occur on or before the fifteenth calendar day following the prescribed due date. Such relief date is June 29, 2022. Regrettably, the Company is unable to file its Form 10-K today as it is still working on the drafting of the Form 10-K and is concluding the independent audit process, including the additional audit requirements imposed as a result of the Company’s new status as an accelerated filer. The Company expects to file its Form 10-K on or before July 22, 2022.

The Company’s completion of the transaction with Plateplus, Inc, as disclosed with the Form 8-K filed with the SEC on May 2, 2022, coincided with a critical time in the Company’s fiscal year-end financial close and independent audit process. The Company’s accounting and finance staff has focused significant time to complete the transaction and to transition employees and business processes post-closing which has contributed to the late filing of the Form 10-K. Cases of COVID-19 within the accounting and finance staff or their households is an additional contributing factor to the late filing.

ABOUT FRIEDMAN INDUSTRIES

Friedman Industries, Incorporated (“Company”), headquartered in Longview, Texas, is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois and Lone Star, Texas. The Company has two reportable segments: coil products and tubular products. The coil product segment consists of the operations in Hickman, Decatur, East Chicago and Granite City where the Company processes hot-rolled steel coils. The Hickman, East Chicago and Granite City facilities operate temper mills and corrective leveling cut-to length lines. The Decatur facility operates a stretcher leveler cut to length line. The Company has an additional coil segment location under construction in Sinton, Texas. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe and distributes pipe through its division Texas Tubular Products.

FAQ

What is the significance of Friedman Industries becoming an accelerated filer?

Becoming an accelerated filer indicates Friedman Industries had a public float exceeding $75 million, which reflects substantial growth and market presence.

Why did Friedman Industries delay the filing of its Form 10-K?

The delay was caused by ongoing drafting of the Form 10-K, complications from the acquisition of Plateplus, Inc., and COVID-19 cases affecting staff availability.

When does Friedman Industries expect to file its Form 10-K?

Friedman Industries expects to file its Form 10-K by July 22, 2022.

What was the public float of Friedman Industries as of September 30, 2021?

As of September 30, 2021, Friedman Industries had a public float of approximately $76 million.

What are the operating segments of Friedman Industries?

Friedman Industries operates in two segments: coil products and tubular products, with multiple facilities across the United States.