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SIFCO Industries, Inc. Received Notice of Non-Compliance with NYSE AMERICAN Continued Listing Requirements
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
SIFCO Industries, Inc. (AMEX: SIF) received a notice from NYSE American on February 22, 2023, for noncompliance due to a delay in filing its Quarterly Report on Form 10-Q for the period ending December 31, 2022. This delay is attributed to challenges faced in compiling required financial information following a cyber incident on December 30, 2022. As a result, SIFCO's stock will be listed with an '.LF' indicator until compliance is regained. The company has six months to address this issue and will be monitored for compliance. SIFCO aims to file the necessary documents within the stipulated timeframe to avoid delisting.
Positive
SIFCO has six months to regain compliance with NYSE American listing standards.
The company expects to file the required Form 10-Q within the compliance timeframe.
Negative
Noncompliance with NYSE American standards due to delayed filing of Form 10-Q.
Possible initiation of delisting procedures by NYSE American if compliance is not achieved.
CLEVELAND--(BUSINESS WIRE)--
SIFCO Industries, Inc. (NYSE American: SIF) (the “Company” or “SIFCO”) received a notice on February 22, 2023 from the NYSE American LLC ("NYSE American") indicating that, due to the delay in the filing of its Quarterly Report on Form 10-Q for the period ended December 31, 2022 (the “Form 10-Q”), the Company is not in compliance with the continued listing standards of the NYSE American, and is subject to the procedures and requirements set forth in Section 1007 of the NYSE American Company Guide. Under the applicable provisions of the NYSE American Company Guide, until SIFCO files its Form 10-Q, its common stock will remain listed on the NYSE American under the symbol “SIF,” but will be assigned an ".LF" indicator to indicate late filing status. Five business days following the receipt of this noncompliance notice, SIFCO will be added to the list of NYSE American noncompliant issuers on the website and the indicator will be disseminated with the Company’s ticker symbol. The indicator will be removed once the Company has regained compliance with all applicable listing standards.
As noted in the Form 12b-25 filed on February 14, 2023, SIFCO has experienced delays in obtaining and compiling the information required in order to complete the preparation of its financial statements to be included in its Quarterly Report on Form 10-Q for the period ended December 31, 2022. This is primarily attributable to information access limitations experienced due to the cyber incident that occurred on December 30, 2022 (the “Cyber Incident”) and was reported by the Company on Form 8-K filed with the Securities and Exchange Commission on January 6, 2023 and further described by the Company on Form 8-K filed with the Securities and Exchange Commission on February 10, 2023. Accordingly, the Company was not able to complete the timely preparation, review and filing of its Form 10-Q for the quarter ended December 31, 2022 within the prescribed time period without unreasonable effort or expense.
In order to maintain its listing, SIFCO will have a six-month period from February 22, 2023 to regain compliance with Section 1007 of the NYSE American Company Guide. The Company will be monitored by the NYSE American during this time, and the NYSE American will initiate delisting procedures if deemed appropriate.
The Company expects to complete the preparation, review and filing of the Form 10-Q within the timeframe prescribed under Section 1007 of the NYSE American Company Guide.
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
The Company's Form 10-K for the year ended September 30, 2022 and other reports filed with the Securities & Exchange Commission can be accessed through the Company's website: www.sifco.com, or on the Securities and Exchange Commission's website: www.sec.gov.
SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, coating, and machining.
