Smith-Midland Announces Delayed Filing of 2022 Form 10-K
Smith-Midland Corporation (NASDAQ:SMID) announced a delay in filing its Annual Report on Form 10-K for the year ended December 31, 2022. The company plans to submit the report by April 15, 2023, to complete auditing procedures due to the need for additional information. Smith-Midland specializes in innovative precast concrete products and has manufacturing facilities in Virginia, North Carolina, and South Carolina. The management and board own around 5% of SMID stock, reinforcing alignment with shareholder interests. This delay may be influenced by various factors, including the ongoing impact of the coronavirus pandemic and competitive pressures.
- Management and board ownership of approximately 5% of SMID stock aligns with shareholder interests.
- Delay in filing the Form 10-K could raise concerns about the company's financial health and auditing process.
- Potential risks from the coronavirus outbreak affecting product demand and operations.
MIDLAND, VA / ACCESSWIRE / March 30, 2023 / Smith-Midland Corporation (NASDAQ:SMID) (the "Company"), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced that it will file a Form 12b-25 with the Securities and Exchange Commission to provide notice of the late filing of its Annual Report on Form 10-K ("Form 10-K") for the year ended December 31, 2022. The company expects to file its Form 10-K on or before April 15, 2023.
The extension is needed to gather additional information to complete auditing procedures of the Company's financial statements for the year ended December 31, 2022.
About Smith-Midland Corporation
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation, and utility industries. Management and the board own approximately five percent of SMID stock, aligning with shareholder values. Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and Concrete Safety Systems, our J-J Hooks Safety Barrier rental division.
Forward-Looking Statements
This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, the risk that the coronavirus outbreak may adversely affect future operations, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, out debt exposure, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Media Inquiries:
scrandall@midlandadvertising.com
(540) 439-8056
Sales Inquiries:
info@smithmidland.com
(540) 439-3266
Investor Relations:
Steven Hooser
Three Part Advisors, LLC
(214) 872-2710
SOURCE: Smith-Midland Corporation
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