Unique Fabricating, Inc. - UFAB STOCK NEWS

Unique Fabricating, Inc. (NYSE American: UFAB) has issued a press release in response to the increased trading activity of its common stock. The company states that there is no news to announce at this time that would explain the recent surge in trading activity.

Unique Fabricating, Inc. has entered into an Accommodation Agreement with its principal customers and lenders, as well as a Forbearance Agreement with the lenders. The Accommodation Agreement requires the company to sell its business to a qualified buyer by October 31, 2023. Customers agreed to provide financial support and limit certain rights. The Forbearance Agreement allows the company to delay payment of its indebtedness until October 31, 2023.

Unique Fabricating, Inc. (NYSE American: UFAB) received a notice from the NYSE regarding its non-compliance with listing requirements due to the failure to file its Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The company has until September 30, 2023 to submit the report to regain compliance. If it doesn't file by this deadline, NYSE could grant an extension of six months based on the company's circumstances, but failure to meet this could result in suspension and delisting of its securities from the NYSE.

The company specializes in engineering and manufacturing multi-material components for various markets, utilizing advanced manufacturing processes. It operates primarily in the transportation, appliance, medical, and consumer/off-road sectors.

Unique Fabricating (UFAB) reported third-quarter financial results, showing net sales of $34.5 million, a 15.4% increase compared to $29.9 million in Q3 2021. However, the company suffered a net loss of $10.6 million, or $0.90 per share, significantly higher than a net loss of $1.9 million in the same period last year. A $4.8 million goodwill impairment charge contributed to this loss. Despite challenges with production schedules, the company aims to leverage improved supply chain conditions to strengthen its market position.

Unique Fabricating (NYSE American:UFAB) has exited its forbearance period with lenders following the Waiver and Ninth Amendment of its Credit Agreement. This amendment waives prior defaults and allows the company to avoid lender rights enforcement. The company had been in violation of financial covenants since December 2020 and September 2021. The new agreement is part of a broader recapitalization strategy, requiring debt refinancing by February 2023. Unique Fabricating specializes in multi-material components for various markets including transportation and medical.

Unique Fabricating (NYSE American: UFAB) will announce its third-quarter financial results for the period ending September 30, 2022, on November 8, 2022, post-market close. The CEO Doug Cain and CFO Brian Loftus will host a conference call at 4:30 p.m. ET on the same day to discuss these results. Investors can access the call by dialing 877-545-0320 or via the live webcast on the company’s Investor Relations website. A replay will be available for 90 days following the call, providing ongoing access to these critical financial insights.

Unique Fabricating (NYSE American: UFAB) has announced that its LaFayette, Georgia facility received a prestigious quality award from Inteva Products for outstanding performance in heavy-duty vehicle programs, including those for Kenworth and Peterbilt trucks. This recognition underscores Unique Fabricating's commitment to high-quality products and excellent customer service, crucial in the current economic landscape. The company specializes in engineering and manufacturing multi-material components for various markets, including transportation and medical.