Smith-Midland Announces Receipt of Nasdaq Letter

Published

MIDLAND, VA / ACCESSWIRE / April 24, 2024 / Smith-Midland Corporation (NASDAQ:SMID) (the "Company"), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced that it received a letter dated April 19, 2024, from Nasdaq, indicating that the Company was not in compliance with Nasdaq listing rule 5250(c)(1), which requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission. The required filing in question is the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K").

The delay in filing the Form 10-K is related to the Company requiring additional time to complete its financial reporting close process, as referenced in the recent filing of Form 12b-25. The Company expects to file in the near future.

As previously reported throughout 2023, revenue is expected to be higher for the year ended December 31, 2023 than the prior year ended December 31, 2022 resulting in higher net income for the year ended December 31, 2023 than the prior year ended December 31, 2022.

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 located 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 the results discussed in the forward-looking statements. Factors which 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, general business and economic conditions, our debt exposure, 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.

Media Inquiries:scrandall@midlandadvertising.com (540) 439-8056

Sales Inquiries:info@smithmidland.com(540) 439-3266

Investor Relations:Steven Hooser or John BeislerThree Part Advisors, LLC(214) 872-2710

SOURCE: Smith-Midland Corporation

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