Structural assemblies’ manufacturer CPI Aero has received a notice of non-compliance from the New York Stock Exchange (NYSE).
NYSE alleges that the company has failed to comply with its standard for continued listing of its common stock on the exchange.
The notice has been issued under the timely filing criteria included in Section 1007 of the NYSE American Company Guide.
The notification comes as CPI Aero failed to file restated financial statements within 60 days of its disclosure on 14 February.
It is associated with an error connected to the company’s recognition of revenue under ASC Topic 606.
CPI Aero is required to correct its annual report on Form 10-K for the year ended 31 December 2018, and its quarterly reports on Form 10-Q for the quarters ended 31 March 2018, 30 June 2018, 30 September 2018, 31 March 2019, 30 June 2019, and 30 September 2019.
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By GlobalDataCPI Aero now has six months from 15 April to file restated financial statements for the non-reliance periods to meet NYSE’s continued listing requirements.
The NYSE may take a decision based on its sole discretion to allow CPI Aero’s common stock to trade for up to an additional six months if it fails to comply with the regulation.
The NYSE’s notification brings no instant effect on the company’s common stock listing or trading.
CPI Aero’s aerostructures are used in fixed-wing aircraft, helicopters and airborne intelligence surveillance and reconnaissance pod systems.
