Grupo Simec Files a Form 20-F/A for the 2021 Financial Year

Rhea-AI Summary

Grupo Simec (NYSE American: SIM) filed an Amendment No. 1 to its Annual Report on Form 20-F, related to the financial year ending December 31, 2021. This amendment corrects a risk factor concerning weaknesses in internal controls, specifically by removing an inadvertent reference to a material weakness from 2019 and adds a cross-reference to legal proceedings. The filing dated March 17, 2023, is available on the investor relations section of the company's website and can be requested in hard copy by shareholders.

Positive

• Filing of Form 20-F/A clarifies internal control issues, enhancing transparency.
• Removal of outdated references may positively impact investor confidence.

Negative

• None.

News Market Reaction

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% News Effect

On the day this news was published, SIM declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

GUADALAJARA, Mexico, March 17, 2023 /PRNewswire/ -- Grupo Simec, S.A.B. de C.V. (NYSE American: SIM) (the "Company") on March 17, 2023 filed an Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2021, dated as of May 18, 2022, with the U.S. Securities and Exchange Commission at www.sec.gov (the "Form 20-F/A"). The Company filed the Form 20-F/A solely to amend a risk factor relating to weaknesses in internal controls by removing an inadvertent reference to a material weakness in 2019 and including a cross-reference to Item 8. "Financial Information—Legal Proceedings." The Form 20-F/A also is available on the investor relations section of the Company's website at https://gsimec.com.mx/sec-filings.php. Shareholders may request a hard copy of the Form 20-F/A, free of charge, by contacting the Company's Finance coordinator, Mario Moreno Cortez, by email at mmoreno@gruposimec.com.mx.

About Grupo Simec

Grupo Simec is a diversified manufacturer, processor and distributor of SBQ steel and structural steel products with production and commercial operations in the United States, Mexico and Brazil. Grupo Simec is also an important producer of structural and light structural steel products in Mexico in terms of sales volume. Grupo Simec's SBQ products are used across a broad range of highly engineered end-user applications, including axles, hubs and crankshafts for automobiles and light trucks, machine tools and off-highway equipment. Its structural steel products are mainly used in the non-residential construction market and other construction applications.

Contact:

Mario Moreno Cortez Grupo Simec, S.A.B. de C.V. Calzada Lázaro Cárdenas 601 44440 Guadalajara, Jalisco, Mexico +52 333 770 6700

 

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SOURCE Grupo Simec, S.A.B. de C.V.

FAQ

What did Grupo Simec file on March 17, 2023?

Grupo Simec filed an Amendment No. 1 to its Annual Report on Form 20-F for the year ended December 31, 2021.

What is the significance of the Form 20-F/A filed by Grupo Simec?

The Form 20-F/A addresses weaknesses in internal controls by removing a reference to a material weakness from 2019.

Where can I find the Form 20-F/A for Grupo Simec?

The Form 20-F/A can be accessed on the investor relations section of Grupo Simec's website.

How does Grupo Simec's filing affect its investors?

The filing enhances transparency and could positively influence investor confidence regarding the company's internal control processes.