Smith-Midland Receives NASDAQ Deficiency Notice Regarding Delayed Form 10-K Filing

Rhea-AI Summary

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.

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 $77 to $79 million, representing a 31% annual increase at the midpoint. The increase is primarily driven by higher Soundwall and utility sales as well as an increase in barrier rental and shipping and installation revenue.

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

FAQ

What is the impact of SMID's Nasdaq deficiency notice on its stock trading?

The deficiency notice has no immediate impact on Smith-Midland's (SMID) shares or ability to trade on the Nasdaq exchange.

What is the deadline for Smith-Midland (SMID) to regain Nasdaq compliance?

SMID has 60 days to submit a compliance plan and may receive up to 180 additional days (until October 13, 2025) if Nasdaq accepts the plan.

What is Smith-Midland's (SMID) projected revenue for 2024?

SMID expects 2024 full-year revenue between $77-79 million, representing a 31% annual increase at the midpoint.

What caused Smith-Midland's (SMID) Form 10-K filing delay?

The delay is due to additional time needed to complete financial reporting processes and internal control assessments, with material weakness to be identified.

What are the main drivers of Smith-Midland's (SMID) revenue growth in 2024?

Growth is primarily driven by higher Soundwall and utility sales, increased barrier rental, and shipping and installation revenue.