BETHESDA, Md., April 8,
2024 /PRNewswire/ -- Enviva Inc. (NYSE: EVA)
("Enviva" or the "Company") today announced that on April 2, 2024, the Company received notice from
the New York Stock Exchange (the "NYSE") that it is not in
compliance with Section 802.01E of the NYSE Listed Company Manual
due to a delay in filing its Annual Report on Form 10-K for the
year ended December 31, 2023, with
the Securities and Exchange Commission (the "SEC").
The NYSE Notice has no immediate effect on the listing of the
Company's common stock on the NYSE. The NYSE informed the Company
that, under the NYSE's rules, the Company will have six months from
April 1, 2024 to file the Form 10-K
with the SEC. The Company can regain compliance with the NYSE
listing standards by filing the Form 10-K with the SEC before such
date. If the Company fails to file the Form 10-K within the
six-month period, the NYSE may, in its sole discretion, grant an
extension of up to six additional months for the Company to regain
compliance.
As previously reported in the Company's Notification of Late
Filing on Form 12b-25 filed with the SEC on March 15, 2024 (the "Form 12b-25"), the Company
was unable to file the Form 10-K within the prescribed period
because on March 12, 2024, the
Company and certain of its subsidiaries filed a voluntary petition
under Chapter 11 of the U.S. Bankruptcy Code (the "Chapter 11
Cases") in the U.S. Bankruptcy Court for the Eastern District of
Virginia (the "Bankruptcy Court").
As previously disclosed, the Company is required to obtain approval
of the Bankruptcy Court to retain the services of the Company's
independent registered public accounting firm in order to complete
the audit of its financial statements for the year ended
December 31, 2023. Given the
Bankruptcy Court approval requirement, as well as the considerable
time and resources of the Company's management devoted to the
Chapter 11 Cases, the Company was unable to prepare and timely file
its Form 10-K on or before April 1,
2024, the end of the extension period provided by the Form
12b-25.
The Company is working diligently to complete the necessary work
to file the Form 10-K as soon as practicable and currently expects
to file the Form 10-K within the six-month period granted by the
NYSE Notice; however, there can be no assurance that the Form 10-K
will be filed within such period.
About Enviva
Enviva Inc. (NYSE: EVA) is the world's largest producer of
industrial wood pellets, a renewable and sustainable energy source
produced by aggregating a natural resource, wood fiber, and
processing it into a transportable form, wood pellets. Enviva owns
and operates ten plants with annual production of approximately 5.0
million metric tons in Virginia,
North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its
11th plant in Epes,
Alabama. Enviva sells most of its wood pellets through
long-term, take-or-pay off-take contracts with customers located
primarily in the United Kingdom,
the European Union, and Japan,
helping to accelerate the energy transition away from conventional
energy sources and reduce greenhouse gas emissions on a lifecycle
basis in hard-to-abate sectors like steel, cement, lime, chemicals,
and aviation. Enviva exports its wood pellets to global markets
through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of
Pascagoula, Mississippi, and from
third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.
To learn more about Enviva, please visit our website
at www.envivabiomass.com. Follow Enviva on social media
@Enviva.
Cautionary Note Concerning Forward Looking Statements
The information included herein and in any oral statements made
in connection herewith include "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 present or
historical fact included herein are forward-looking statements.
When used herein, including any oral statements made in connection
herewith, the words "could," "should," "will," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," the
negative of such terms, and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Enviva disclaims any duty to revise or update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. Enviva cautions you that these forward-looking statements
are subject to risks and uncertainties, most of which are difficult
to predict and many of which are beyond the control of Enviva.
These risks include, but are not limited to, risks and
uncertainties regarding: our ability to successfully complete a
restructuring under Chapter 11; potential adverse effects of the
Chapter 11 Cases on our liquidity and results of operations
(including the availability of operating capital during the
pendency of Chapter 11 Cases); our ability to obtain timely
approval by the Court with respect to the motions filed in the
Chapter 11 Cases; objections to our restructuring process,
debtor-in-possession financing, or other pleadings filed that could
protract the Chapter 11 Cases; employee attrition and our ability
to retain senior management and other key personnel due to
distractions and uncertainties associated with the Chapter 11
Cases, including our ability to provide adequate compensation and
benefits during the Chapter 11 Cases; our ability to maintain
relationships with vendors, customers, employees, and other third
parties and regulatory authorities as a result of the Chapter 11
Cases; the debtor-in-possession financing and other financing
arrangements; the effects of the bankruptcy petitions on the
Company and on the interests of various constituents, including our
stockholders; the length of time that we will operate under Chapter
11 protection and the continued availability of operating capital
during the pendency of the proceedings; risks associated with third
party motions in the Chapter 11 Cases, which may interfere with our
ability to consummate a restructuring; our consummation of a
restructuring; increased administrative and legal costs related to
the Chapter 11 process and other litigation and inherent risks
involved in a bankruptcy process; the Company's ability to continue
funding operations through the Chapter 11 bankruptcy process; our
ability to continue as a going concern; our ability to successfully
execute cost-reduction and productivity initiatives on the
anticipated timeline or at all; the outcome and timing of our
comprehensive review; the volume and quality of products that we
are able to produce or source and sell, which could be adversely
affected by, among other things, operating or technical
difficulties at our wood pellet production plants or deep-water
marine terminals; the prices at which we are able to sell our
products, including changes in spot prices; our ability to
capitalize on higher spot prices and contract flexibility in the
future, which is subject to fluctuations in pricing and demand;
impairment of goodwill, intangible assets, and other long-lived
assets; failure of our customers, vendors, and shipping partners to
pay or perform their contractual obligations to us; our inability
to successfully execute our project development, capacity
expansion, and new facility construction activities on time and
within budget; the creditworthiness of our contract counterparties;
the amount of low-cost wood fiber that we are able to procure and
process, which could be adversely affected by, among other things,
disruptions in supply or operating or financial difficulties
suffered by our suppliers; changes in the price and availability of
natural gas, coal, diesel, oil, gasoline, or other sources of
energy; changes in prevailing domestic and global economic,
political, and market conditions, including the imposition of
tariffs or trade or other economic sanctions, political instability
or armed conflict, rising inflation levels and government efforts
to reduce inflation, or a prolonged recession; inclement or
hazardous environmental conditions, including extreme
precipitation, temperatures, and flooding; fires, explosions, or
other accidents; changes in domestic and foreign laws and
regulations (or the interpretation thereof) related to renewable or
low-carbon energy, the forestry products industry, the
international shipping industry, or power, heat, or combined heat
and power generators; changes in domestic and foreign tax laws and
regulations affecting the taxation of our business and investors;
changes in the regulatory treatment of biomass in core and emerging
markets; our inability to acquire or maintain necessary permits or
rights for our production, transportation, or terminaling
operations; changes in the price and availability of
transportation; changes in foreign currency exchange or interest
rates and the failure of our hedging arrangements to effectively
reduce our exposure to related risks; risks related to our
indebtedness, including the levels and maturity date of such
indebtedness; our failure to maintain effective quality control
systems at our wood pellet production plants and deep-water marine
terminals, which could lead to the rejection of our products by our
customers; changes in the quality specifications for our products
required by our customers; labor disputes, unionization, or similar
collective actions; our inability to hire, train, or retain
qualified personnel to manage and operate our business; the
possibility of cyber and malware attacks; our inability to borrow
funds and access capital markets; viral contagions or pandemic
diseases; potential liability resulting from pending or future
litigation, investigations, or claims; changes to our leadership
and management team; and governmental actions and actions by other
third parties that are beyond our control. Certain additional
risks, uncertainties, and other factors are described in greater
detail in Enviva's filings with the SEC, including the detailed
factors discussed under the heading "Risk Factors" in Enviva's
Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as supplemented in the
Company's Quarterly Reports on Form 10-Q for the fiscal quarters
ended March 31, June 30, and September 30,
2023.
Should one or more of the risks or uncertainties described
herein and in any oral statements made in connection therewith
occur, or should underlying assumptions prove incorrect, actual
results and plans could different materially from those expressed
in any forward-looking statements. Additional information
concerning these and other factors that may impact Enviva's
expectations and projections can be found in Enviva's periodic
filings with the SEC. Enviva's SEC filings are available publicly
on the SEC's website at www.sec.gov.
Contacts:
Investor.Relations@envivabiomass.com
media@envivabiomass.com
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SOURCE Enviva