Smith-Midland Receives NASDAQ Deficiency Notice Regarding Delayed Form 10-K Filing
Smith-Midland (NASDAQ:SMID) has received a Nasdaq deficiency notice on April 17, 2025, due to delayed filing of its Form 10-K for the year ended December 31, 2024. The company is currently non-compliant with Listing Rule 5250(c)(1), though this notice does not immediately affect its Nasdaq trading status.
The company has 60 calendar days to submit a compliance plan and may receive an additional 180-day extension until October 13, 2025, if Nasdaq accepts the plan. The delay stems from the need for additional time to complete financial reporting processes, including assessment of internal controls, where material weakness will be identified.
Despite the filing delay, Smith-Midland projects strong financial performance with 2024 full-year revenue expected between $77-79 million, marking a significant 31% annual increase at the midpoint. This growth is primarily attributed to increased Soundwall and utility sales, along with higher barrier rental and shipping/installation revenue.
Smith-Midland (NASDAQ:SMID) ha ricevuto un avviso di inadempienza da Nasdaq il 17 aprile 2025, a causa del ritardo nella presentazione del modulo 10-K relativo all'anno chiuso il 31 dicembre 2024. Attualmente, la società non è conforme alla Regola di Quotazione 5250(c)(1), anche se questo avviso non incide immediatamente sul suo stato di negoziazione su Nasdaq.
La società dispone di 60 giorni di calendario per presentare un piano di conformità e potrebbe ottenere una proroga aggiuntiva di 180 giorni fino al 13 ottobre 2025, qualora Nasdaq accetti il piano. Il ritardo è dovuto alla necessità di più tempo per completare i processi di rendicontazione finanziaria, inclusa la valutazione dei controlli interni, in cui sarà identificata una debolezza significativa.
Nonostante il ritardo nella presentazione, Smith-Midland prevede una solida performance finanziaria con un fatturato annuo 2024 stimato tra 77 e 79 milioni di dollari, segnando un incremento annuo significativo del 31% nel valore medio. Questa crescita è principalmente attribuita all'aumento delle vendite di Soundwall e servizi pubblici, oltre a maggiori ricavi da noleggio barriere e spedizioni/installazioni.
Smith-Midland (NASDAQ:SMID) recibió un aviso de incumplimiento de Nasdaq el 17 de abril de 2025, debido a la demora en la presentación de su Formulario 10-K correspondiente al año finalizado el 31 de diciembre de 2024. Actualmente, la compañía no cumple con la Regla de Listado 5250(c)(1), aunque este aviso no afecta de inmediato su estado de negociación en Nasdaq.
La empresa tiene 60 días naturales para presentar un plan de cumplimiento y podría obtener una extensión adicional de 180 días hasta el 13 de octubre de 2025, si Nasdaq acepta el plan. El retraso se debe a la necesidad de más tiempo para completar los procesos de reporte financiero, incluida la evaluación de controles internos, donde se identificará una debilidad material.
A pesar del retraso en la presentación, Smith-Midland proyecta un sólido desempeño financiero con ingresos anuales para 2024 estimados entre 77 y 79 millones de dólares, lo que representa un aumento anual significativo del 31% en el punto medio. Este crecimiento se atribuye principalmente al incremento en las ventas de Soundwall y servicios públicos, junto con mayores ingresos por alquiler de barreras y envíos/instalaciones.
Smith-Midland (NASDAQ:SMID)은 2025년 4월 17일, 2024년 12월 31일 종료된 연도에 대한 Form 10-K 제출 지연으로 인해 나스닥으로부터 결함 통지서를 받았습니다. 현재 회사는 상장 규칙 5250(c)(1)을 준수하지 않고 있으나, 이 통지는 즉각적으로 나스닥 거래 상태에 영향을 미치지 않습니다.
회사는 60일의 달력일 내에 준수 계획을 제출해야 하며, 나스닥이 계획을 승인할 경우 2025년 10월 13일까지 추가 180일 연장을 받을 수 있습니다. 지연 사유는 내부 통제 평가를 포함한 재무 보고 절차 완료에 추가 시간이 필요하기 때문이며, 이 과정에서 중요한 약점이 확인될 예정입니다.
제출 지연에도 불구하고 Smith-Midland는 2024년 연간 매출이 7,700만~7,900만 달러 사이로 예상되며, 이는 중간값 기준 연간 31%의 큰 증가를 나타냅니다. 이러한 성장은 주로 Soundwall 및 유틸리티 판매 증가와 더불어 장벽 임대 및 배송/설치 수익 증가에 기인합니다.
Smith-Midland (NASDAQ:SMID) a reçu un avis de non-conformité de la part de Nasdaq le 17 avril 2025, en raison du retard dans le dépôt de son formulaire 10-K pour l'exercice clos au 31 décembre 2024. La société n'est actuellement pas conforme à la règle de cotation 5250(c)(1), bien que cet avis n'affecte pas immédiatement son statut de négociation sur Nasdaq.
La société dispose de 60 jours calendaires pour soumettre un plan de conformité et peut obtenir une prolongation supplémentaire de 180 jours jusqu'au 13 octobre 2025, si Nasdaq accepte ce plan. Ce retard est dû à la nécessité de disposer de plus de temps pour achever les processus de reporting financier, y compris l'évaluation des contrôles internes, où une faiblesse significative sera identifiée.
Malgré ce retard, Smith-Midland prévoit une solide performance financière avec un chiffre d'affaires annuel 2024 attendu entre 77 et 79 millions de dollars, ce qui représente une augmentation annuelle significative de 31 % au point médian. Cette croissance est principalement attribuée à l'augmentation des ventes de Soundwall et des services publics, ainsi qu'à une hausse des revenus de location de barrières et des revenus liés à la livraison/installation.
Smith-Midland (NASDAQ:SMID) erhielt am 17. April 2025 eine Mitteilung über eine Nasdaq-Verletzung aufgrund der verspäteten Einreichung seines Formulars 10-K für das zum 31. Dezember 2024 endende Jahr. Das Unternehmen entspricht derzeit nicht der Listing-Regel 5250(c)(1), jedoch hat diese Mitteilung keine unmittelbaren Auswirkungen auf den Nasdaq-Handelsstatus.
Das Unternehmen hat 60 Kalendertage, um einen Compliance-Plan einzureichen, und kann eine zusätzliche 180-tägige Verlängerung bis zum 13. Oktober 2025 erhalten, falls Nasdaq den Plan akzeptiert. Die Verzögerung resultiert aus dem Bedarf an zusätzlicher Zeit zur Fertigstellung der Finanzberichterstattungsprozesse, einschließlich der Bewertung interner Kontrollen, bei der eine wesentliche Schwäche festgestellt wird.
Trotz der verspäteten Einreichung prognostiziert Smith-Midland eine starke finanzielle Leistung mit für das Gesamtjahr 2024 erwarteten Umsatzerlösen zwischen 77 und 79 Millionen US-Dollar, was einen signifikanten jährlichen Anstieg von 31 % am Mittelwert darstellt. Dieses Wachstum ist hauptsächlich auf erhöhte Soundwall- und Versorgungsverkäufe sowie höhere Einnahmen aus Barrierenvermietung und Versand/Installation zurückzuführen.
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MIDLAND, VA / ACCESS Newswire / April 23, 2025 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced it received an expected letter from Nasdaq on April 17, 2025 notifying the Company it is currently not in compliance with Listing Rule 5250(c)(1) due to its failure to timely file its Form 10-K for the year ended December 31, 2024.
This notice does not have any immediate impact on the Company's shares or ability to trade on the Nasdaq exchange. The Company has 60 calendar days to submit a plan to regain compliance with the exchange and can be granted an additional 180 days, or October 13, 2025, if the plan is accepted by Nasdaq.
As previously mentioned in its March 31, 2025 press release, the filing delay is related to additional time required by the Company to complete its financial reporting close process, including management's assessment of the Company's internal control over financial reporting, as to which material weakness existence will be made, and to gather information required to complete auditing procedures. At that time, the Company also announced its 2024 full-year revenue is expected to be in the range of
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 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 those discussed in the forward-looking statements. Factors that 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, the uncertainties arising from the policies of the new Administration and DOGE, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, general business and economic conditions, our debt exposure, our high level of accounts receivables, 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.
Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
(214) 872-2710
SOURCE: Smith-Midland Corporation
View the original press release on ACCESS Newswire
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