Smith-Midland Announces Receipt of Nasdaq Letter and Engagement of New Audit Firm

Rhea-AI Summary

Smith-Midland Corporation received a letter from Nasdaq stating non-compliance with filing requirements. The delay is due to transitioning to a new accounting firm. BDO USA, LLP has been engaged as the new accounting firm.

Positive

• None.

Negative

• Non-compliance with filing requirements may negatively impact stock price in the short term.

MIDLAND, VA / ACCESSWIRE / August 23, 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 received a letter dated August 17, 2023, from Nasdaq, indicating that the Company was not in compliance with Nasdaq listing rule 5250(c)(1), which requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission. The required filing in question is the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 (the "Form 10-Q").

The delay in filing the Form 10-Q is related to the Company's transition to a new independent registered public accounting firm as detailed in its recent filing of the Form 12b-25. The matter is not related to any of the Company's internal financial reporting processes or controls.

Additionally, on August 23, 2023, the Company's Audit Committee of the Board of Directors approved the engagement of BDO USA, LLP ("BDO") as the Company's new registered accounting firm. It is anticipated that BDO will commence its review of the Form 10-Q shortly, after which the Company will be able to file the Form 10-Q.

About Smith-Midland Corporation

Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.

Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks^® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall^®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.

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, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, our 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 or John Beisler
Three Part Advisors, LLC
(214) 872-2710

SOURCE: Smith-Midland Corporation

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