SMIT - Schmitt Industries receives Nasdaq notice over failure to timely file quarterly report
- Schmitt Industries ( NASDAQ: SMIT ) received a written notice from Nasdaq over a failure to timely file its quarterly report.
- The notice relates to the financial statement for the quarter ended Aug. 31, which was required to be filed by Oct. 17.
- The company said the difficulty and cost of managing its two distinct business segments, Ample Hills and Schmitt Measurement Systems, were significantly higher than expected. The operational challenges impacted the timing of the periodic filings with the U.S. SEC.
- The company has 60 calendar days, or until Dec. 19, to submit a plan to the stock exchange to regain compliance with the listing rules.
- Separately, the company announced a proposed rights offering.
- Source: Press Release
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Schmitt Industries receives Nasdaq notice over failure to timely file quarterly report