Gencor Announces Receipt of NYSE Regulation Notice Regarding Late Filing of the Annual Report on Form 10-K for the Year Ended September 30, 2024
Rhea-AI Summary
Gencor Industries (NYSE: GENC) has received a filing delinquency notification from NYSE Regulation on January 3, 2025, due to its failure to file its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, by the December 31, 2024 deadline.
The notification has no immediate impact on the company's stock listing or trading on NYSE American. Gencor has been granted a six-month period from December 31, 2024, to regain compliance by filing the Form 10-K. The NYSE may grant an additional six-month extension at its discretion, though it reserves the right to initiate delisting proceedings if circumstances warrant.
While the company expects to file the Form 10-K within the initial six-month period, there is no guarantee of meeting this timeline.
Positive
- Six-month compliance period granted by NYSE with possibility of additional six-month extension
- No immediate impact on stock listing or trading status
Negative
- Failure to file Annual Report (Form 10-K) by extended deadline
- Risk of potential delisting if compliance is not achieved
- Uncertainty about meeting the six-month filing deadline
News Market Reaction – GENC
On the day this news was published, GENC declined 3.72%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ORLANDO, Fla., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company”) (NYSE American: GENC) announced that on January 3, 2025 it received a filing delinquency notification (the “Delinquency Notification”) from the NYSE Regulation (the “NYSE”) indicating that, as a result of the delay in filing its Annual Report on Form 10-K for the year ended September 30, 2024 (the “Form 10-K”) with the Securities and Exchange Commission (the “SEC”) by the filing due date of December 31, 2024, the end of the extension period provided by Form 12b-25, the Company is not in compliance with NYSE American LLC’s (“NYSE American”) continued listing standards and is now subject to the procedures and requirements set forth in Section 1007 of the NYSE American Company Guide. The receipt of the Delinquency Notification has no immediate effect on the listing or trading of the Company’s common stock on NYSE American.
The Company previously discussed the circumstances behind the late filing of the Form 10-K in a Notification of Late Filing on Form 12b-25, filed with the SEC on December 17, 2024.
The NYSE informed the Company that, under NYSE rules, the Company has six months from the Form 10-K filing due date of December 31, 2024, to regain compliance with the NYSE listing standards by filing the Form 10-K with the SEC. The NYSE further noted that, if the Company fails to file the Form 10-K within the six-month period, the NYSE may grant, at its sole discretion, an extension of up to six additional months for the Company to regain compliance, depending on the Company’s specific circumstances. The Delinquency Notification also notes that the NYSE may nevertheless commence delisting proceedings at any time if it deems that the circumstances warrant.
The Company currently expects to file the Form 10-K within the six-month period granted by the Delinquency Notification; however, there can be no assurance that the Form 10-K will be filed within such period.
Gencor Industries is a diversified heavy machinery manufacturer for the production of highway construction materials and equipment and environmental control machinery and equipment used in a variety of applications.
Caution Concerning Forward Looking Statements - This press release and our other communications and statements may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements about the Company’s beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company’s control. Actual results may differ materially depending on a variety of important factors, including the financial condition of the Company’s customers, changes in the economic and competitive environments and demand for the Company’s products. In addition, the impact of the invasion by Russia into Ukraine and the conflict between Israel and Hamas, as well as actions taken by other countries, including the U.S., in response to such conflicts, could result in a disruption in our supply chain and higher costs of our products. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “goal,” and similar expressions are intended to identify forward-looking statements.
For information concerning these factors and related matters, see the following sections of the Company’s Annual Report on Form 10-K for the year ended September 30, 2023: (a) Part I, Item 1A, “Risk Factors” and (b) Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. However, other factors besides those referenced could adversely affect the Company’s results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by the Company herein speak as of the date of this press release. The Company does not undertake to update any forward-looking statements, except as required by law.
Unless the context otherwise indicates, all references in this press release to the “Company,” “Gencor,” “we,” “us,” or “our,” or similar words are to Gencor Industries, Inc. and its subsidiaries.
Contact: Eric Mellen, Chief Financial Officer
407-290-6000
FAQ
What caused Gencor Industries (GENC) to receive NYSE's delinquency notification in January 2025?
How long does Gencor (GENC) have to file its delayed Form 10-K?
Will Gencor's (GENC) stock continue trading on NYSE American despite the delinquency notice?
What are the potential consequences if Gencor (GENC) fails to file its Form 10-K within the given timeframe?
