Smith-Midland Corp (SMID, Financial) has received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1). This issue arises from the company's delay in filing its Form 10-K for the fiscal year ending December 31, 2024. Despite this, the notice does not immediately impact the trading of the company’s shares on the Nasdaq exchange.
The company has a 60-day window to present a plan to regain compliance, potentially allowing an extension until October 13 if Nasdaq approves their proposal. This delay relates to the time needed to finalize the financial closing process, including evaluating the company's internal control over financial reporting.
In a previous update on March 31, Smith-Midland projected its 2024 full-year revenue to reach between $77 million and $79 million. This forecast reflects a 31% increase from the previous year, primarily driven by increased sales of Soundwall and utility products, along with growth in barrier rental, shipping, and installation services.
