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SigmaTron International, Inc. announced that on August 16, 2024, it received a delinquency notification letter from the Nasdaq Stock Market LLC (Nasdaq) indicating that the Company is not in compliance with the continued listing requirements under Nasdaq Listing Rule 5250(c) because the Company did not timely file its Form 10-K for the fiscal year ended April 30, 2024 (the Form 10-K). The notification letter has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.
The Company filed a Notification of Late Filing on Form 12b-25 on July 30, 2024, indicating that the filing of the Form 10-K would be delayed because the Company requires additional time to complete its year-end close procedures in light of ongoing negotiations with the Company’s lenders with respect to amendments to the credit agreements with J.P. Morgan Chase Bank, N.A. and TCW Asset Management Company, as Administrative Agent. These processes require significant resources from the Company’s financial, accounting and administrative personnel and, as a result, the Company requires additional time to complete its quarterly review, including the preparation and finalization of its Form 10-K.
Nasdaq has informed the Company that the Company must submit a plan of compliance (the “Plan”) within 60 calendar days, or no later than October 15, 2024, addressing how it intends to regain compliance with Nasdaq’s listing rules and, if Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-K original filing due date, or until February 12, 2025, to regain compliance.
The Company is working on completing the Form 10-K.
