Smith-Midland Announces Receipt of Nasdaq Letter

Rhea-AI Summary

Smith-Midland (NASDAQ: SMID) announced receiving a Nasdaq letter indicating compliance with the Annual Report on Form 10-K for the year ended December 31, 2023. The 10-K was filed on May 23, 2024. The company recently received a non-compliance notice from Nasdaq due to a delayed filing of the Quarterly Report on Form 10-Q for Q1 2024. This delay was due to extended time needed for financial reporting processes. The 10-Q is expected to be filed soon. Preliminary estimates suggest increased revenue and significantly higher net income for Q1 2024 compared to Q1 2023.

Positive

• Regained compliance with Nasdaq listing rules as of May 24, 2024.
• Filed the delayed Annual Report on Form 10-K on May 23, 2024.
• Preliminary data indicates higher revenue and significantly higher net income for Q1 2024 compared to Q1 2023.

Negative

• Received a non-compliance notice from Nasdaq on May 22, 2024 for the delayed filing of the Quarterly Report on Form 10-Q for Q1 2024.
• The delay in filing the 10-Q was due to extended time required for financial reporting processes.

MIDLAND, VA / ACCESSWIRE / May 28, 2024 / 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 from Nasdaq, dated May 24, 2024, indicating that the Company has regained compliance as it relates to its Annual Report on Form 10-K ("10-K") for the year ended December 31, 2023. The Company's 10-K was filed on May 23, 2024.

On May 22, 2024, the Company received a letter from Nasdaq, indicating it 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 quarter ended March 31, 2024 ("10-Q").

The delay in filing the 10-Q is related to the Company requiring additional time to complete its financial reporting close process as a result of delays in filing the Company's 10-K. The Company expects to file its 10-Q in the near future.

As previously reported on the Company's 12b-25, filed on May 15, 2024, revenue is expected to be higher for the quarter ended March 31, 2024 than the prior quarter ended March 31, 2023 resulting in significantly higher net income for the quarter ended March 31, 2024 than the prior quarter ended March 31, 2023. Numbers at this time are preliminary and subject to further adjustment.

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, our material weaknesses in internal controls, inflationary factors including potential recession, general business and economic conditions, our debt exposure, our high level of accounts receivable, 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

View the original press release on accesswire.com

FAQ

What was the recent Nasdaq notice received by Smith-Midland?

Smith-Midland received a letter from Nasdaq on May 24, 2024, indicating that the company has regained compliance with its Annual Report on Form 10-K for the year ended December 31, 2023.

Why did Smith-Midland receive a non-compliance notice from Nasdaq?

Smith-Midland received a non-compliance notice on May 22, 2024, due to a delayed filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

When did Smith-Midland file its Annual Report on Form 10-K?

Smith-Midland filed its Annual Report on Form 10-K on May 23, 2024.

What are Smith-Midland's preliminary financial estimates for Q1 2024?

Smith-Midland's preliminary estimates suggest higher revenue and significantly higher net income for Q1 2024 compared to Q1 2023.

When is Smith-Midland expected to file its Quarterly Report on Form 10-Q for Q1 2024?

Smith-Midland expects to file its Quarterly Report on Form 10-Q for Q1 2024 in the near future.