FRIEDMAN INDUSTRIES, INCORPORATED PROVIDES UPDATE ON FORM 10-Q FILING
Friedman Industries (NYSE: FRD) announced a filing delay for its Form 10-Q for the quarter ending June 30, 2022. The company received a Filing Delinquency Notification from NYSE American, granting six months to correct the issue. Failure to comply may lead to an additional six-month extension. The delay is attributed to ongoing accounting matters related to a recent acquisition. To address future filing requirements, the company plans to hire additional accounting personnel in September and October 2022.
- Company is hiring additional accounting personnel to enhance filing capability.
- Potential for an extension if the initial six-month period is not sufficient.
- Received a Filing Delinquency Notification from NYSE American, indicating compliance issues.
- Delay in filing Form 10-Q could affect investor confidence and stock performance.
LONGVIEW, Texas, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated (NYSE – American; trading symbol: FRD) On August 10, 2022, the Company filed a Form NT 10-Q with the SEC providing notice of inability to timely file its Form 10-Q for the quarter ended June 30, 2022 (“Form 10-Q”). Because the Company was not able to file its Form 10-Q within the grace period provided by the Form NT 10-Q, the Company has received a Filing Delinquency Notification from NYSE American LLC notifying the Company that it has six months to cure the filing delinquency. If the Company fails to file the Form 10-Q during this initial cure period, NYSE American may, in its sole discretion, provide an additional six-month cure period. NYSE American will add a “.LF” indicator on the Company’s ticker until this deficiency is cured. The Company is still working on accounting matters related to its acquisition that occurred during the quarter, is still preparing analyses and providing documentation requested by its auditors in connection with their review of the quarter and is still preparing the Form 10-Q. The Company will continue to work diligently to file its Form 10-Q as soon as possible.
During September 2022 and October 2022, the Company expects to hire additional accounting personnel as transition services related to the Company’s recent acquisition conclude. The Company believes these additional personnel will provide the resources necessary for the Company to satisfy future filing requirements in a timely manner.
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 filing a Form NT 10-Q?
What are the implications of the NYSE American's Filing Delinquency Notification for FRD?
When does Friedman Industries expect to hire additional accounting personnel?
How might the filing delay affect Friedman Industries' stock performance?
