Smith-Midland Corp receives Nasdaq deficiency notice

Smith-Midland Corp (SMID)oration received an expected letter from Nasdaq on April 17, notifying the Company it is currently not in compliance with Listing Rule 5250(c)(1) due to its failure to timely file its Form 10-K for the year ended December 31, 2024. This notice does not have any immediate impact on the Company’s shares or ability to trade on the Nasdaq exchange. The Company has 60 calendar days to submit a plan to regain compliance with the exchange and can be granted an additional 180 days, or October 13, if the plan is accepted by Nasdaq. As previously mentioned in its March 31 press release, the filing delay is related to additional time required by the Company to complete its financial reporting close process, including management’s assessment of the Company’s internal control over financial reporting, as to which material weakness existence will be made, and to gather information required to complete auditing procedures. At that time, the Company also announced its 2024 full-year revenue is expected to be in the range of $77M to $79M, representing a 31% annual increase at the midpoint. The increase is primarily driven by higher Soundwall and utility sales as well as an increase in barrier rental and shipping and installation revenue.