CPI Aero Receives NYSE American Delisting Determination Notification
20 Mai 2022 - 1:30AM
CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE
American: CVU) announced that on May 19, 2022 the Company received
notice from NYSE American LLC (the “Exchange”) that the staff of
NYSE Regulation has determined to commence proceedings to delist
the Company’s common stock from the Exchange.
Furthermore, the Exchange announced the immediate
suspension of trading in the Company’s common stock on the
Exchange. The Company expects that shares of the Company’s common
stock will begin trading on May 20, 2022 under the symbol
“CVUA” on the OTC Pink Limited Information market tier, which is
operated by OTC Markets Group Inc.
As previously reported, the Company is not in
compliance with the Exchange’s Securities and Exchange Commission
(“SEC”) annual and quarterly report timely filing criteria provided
for in Section 1007 of the Exchange’s Company Guide. The Company
determined that it will not be able to complete its delayed SEC
periodic filings by May 24, 2022, the end of the maximum time to
regain compliance under Section 1007 of the Company Guide. The
Company has not yet filed its Annual Report on Form 10-K for the
year ended December 31, 2021 and its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2022. The delay is due to the time
and effort necessary to prepare, finalize and audit the Company’s
financial statements.
The Company has a right to a review of the staff’s
determination to delist the common stock by a committee of the
Board of Directors of the Exchange and CPI intends to file an
appeal regarding the commencement of the delisting proceedings.
“While CPI has made significant progress and has
worked diligently with its independent accounting firm to complete
its late reports, the Company informed the Exchange that it would
not become current with its SEC periodic reporting by May 24, 2022.
Nevertheless, we continue to work toward regaining compliance with
timely filing of SEC periodic reports,” said Dorith Hakim,
president and chief executive officer.
Added Ms. Hakim, “The Exchange’s decision stands in contrast
with the operational and financial performance of CPI Aero. For
fiscal 2021, we expect to report that we met our financial targets,
growing revenue through solid execution of our funded backlog
together with improved net income and operating cash flow. During
the year, we won strategic pursuits reflecting the continued
confidence our customers have in our high quality performance and
reliability. With a total backlog of approximately $500.0 million
as of December 31, 2021 we believe we have ample runway to continue
to grow over the long term while remaining profitable and cash flow
positive.”
About CPI Aero CPI Aero is a U.S. manufacturer
of structural assemblies for fixed wing aircraft, helicopters and
airborne Intelligence Surveillance and Reconnaissance and
Electronic Warfare pod systems, primarily for national security
markets. Within the global aerostructure supply chain, CPI Aero is
either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor
to major Tier 1 manufacturers. CPI also is a prime contractor to
the U.S. Department of Defense, primarily the Air Force. In
conjunction with its assembly operations, CPI Aero provides
engineering, program management, supply chain management, and MRO
services.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
For more information, visit www.cpiaero.com, and follow us on
Twitter @CPIAERO.
Important Cautions Regarding Forward-Looking
Statements
This press release contains 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. All statements, other than statements of historical fact,
included or incorporated in this press release are forward-looking
statements. The words “believe,” “intend,” “expect,” and “will,”
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These forward-looking statements include,
among others, those statements regarding the Company’s expected
financial results for the year ended December 31, 2021, the
Company’s total backlog as of December 31, 2021, and the Company’s
continuation of growth and profitability and positive cash
flow.
Forward-looking statements involve risks and uncertainties, and
actual results could vary materially from these forward-looking
statements. Factors that may cause future results to differ
materially from the Company’s current expectations include, among
other things, the Company’s completion of its financial statements
for the periods ended December 31, 2021 and March 31, 2022, any
delay in the filing of periodic reports, adverse effects on the
Company’s business related to the disclosures made in this press
release or the reactions of customers or suppliers, any adverse
developments in existing legal proceedings or the initiation of new
legal proceedings, and volatility of the Company’s stock price.
The Company does not guarantee that it will actually achieve the
plans, intentions or expectations disclosed in its forward-looking
statements and you should not place undue reliance on the Company’s
forward-looking statements. There are a number of important factors
that could cause the Company’s actual results to differ materially
from those indicated or implied by its forward-looking statements,
including those important factors set forth under the caption “Risk
Factors” in the Company’s Annual Report on Form 10-K/A for the
period ended December 31, 2020 and in the Company’s subsequent
filings with the Securities and Exchange Commission. Although the
Company may elect to do so at some point in the future, the Company
does not assume any obligation to update any forward-looking
statements and it disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Contacts: |
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Investor Relations Counsel |
|
CPI Aerostructures, Inc. |
LHA Investor Relations |
|
Andrew L. Davis |
Jody Burfening |
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Chief Financial Officer |
(212) 838-3777 |
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(631) 586-5200 |
cpiaero@lhai.com |
|
adavis@cpiaero.com |
www.lhai.com |
|
www.cpiaero.com |
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