The AZEK Company Receives NYSE Notice Regarding Filing of Form 10-Q for the Fiscal Quarter Ended March 31, 2024
17 Maggio 2024 - 10:30PM
Business Wire
The AZEK Company Inc. (NYSE: AZEK) (“AZEK” or the “Company”),
today announced that, as expected, on May 16, 2024 it received a
notice (the “NYSE Notice”) from the New York Stock Exchange (the
“NYSE”) that the Company is not in compliance with Section 802.01E
of the NYSE Listed Company Manual as a result of its failure to
timely file its Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2024 (the “Form 10-Q”) with the Securities
and Exchange Commission (the “SEC”) prior to May 15, 2024, the end
of the extension period provided by Rule 12b-25 under the
Securities Exchange Act of 1934. The Company currently expects to
file the Form 10-Q within the next 30 days.
The NYSE Notice has no immediate effect on the listing of the
Company’s common stock on the NYSE. The NYSE Notice informed the
Company that, under NYSE rules, the Company has six months from May
15, 2024, to regain compliance with the NYSE listing standards by
filing the Form 10-Q with the SEC. If the Company fails to file the
Form 10-Q within the six-month period, the NYSE may grant, in its
sole discretion, an extension of up to six additional months for
the Company to regain compliance, depending on the specific
circumstances. The NYSE Notice also notes that the NYSE may
nevertheless commence delisting proceedings at any time if it deems
that the circumstances warrant.
As previously reported in the Company’s Notification of Late
Filing on Form 12b-25, filed on May 8, 2024 (the “Form 12b-25”)
with the SEC, the Company was unable to file the Form 10-Q within
the prescribed period because it requires additional time to
complete and file with the SEC restated consolidated financial
statements for the fiscal years ended September 30, 2023, 2022 and
2021, and the interim periods within those fiscal years, and for
the three months ended December 31, 2023 (collectively, the
“Affected Periods”), and to complete and file with the SEC the Form
10-Q. Although the Company has dedicated significant resources to
the completion of its restated consolidated financial statements
for the Affected Periods and its interim consolidated financial
statements and related disclosures for inclusion in the Form 10-Q,
the Company was unable to file the Form 10-Q prior to May 15, 2024,
the end of the extension period provided by the Rule 12b-25.
ABOUT THE AZEK® COMPANY
The AZEK Company Inc. (NYSE: AZEK) is the industry-leading
designer and manufacturer of beautiful, low maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK® Trim, and
StruXure® pergolas. Consistently awarded and recognized as the
market leader in innovation, quality, aesthetics and
sustainability, our products are made from up to 85% recycled
material and primarily replace wood on the outside of homes,
providing a long-lasting, eco-friendly, and stylish solution to
consumers. Leveraging the talents of its approximately 2,000
employees and the strength of relationships across its value chain,
The AZEK Company is committed to accelerating the use of recycled
material in the manufacturing of its innovative products, keeping
hundreds of millions of pounds of waste and scrap out of landfills
each year, and revolutionizing the industry to create a more
sustainable future. The AZEK Company has recently been named one of
America’s Climate Leaders by USA Today, a Top Workplace by the
Chicago Tribune and U.S. News and World Report, and a winner of the
2024 Real Leaders® Impact Awards. Headquartered in Chicago,
Illinois, the company operates manufacturing and recycling
facilities in Ohio, Pennsylvania, Idaho, Georgia, Nevada, New
Jersey, Michigan and Minnesota.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of applicable securities laws. All statements other
than statements of historical facts, including statements regarding
future operations, are forward-looking statements. In some cases,
forward-looking statements may be identified by words such as
"believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "could," "would," "expect," "objective," "plan,"
"potential," "seek," "grow," "target," "if," or the negative of
these terms and similar expressions. Such forward-looking
statements may include, without limitation, statements with respect
to the restatement of the Company’s financial statements and the
timing of the completion of the restatement and the filing of the
Form 10-Q. The Company bases its forward-looking statements on
information available to it on the date of this press release and
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of changed
circumstances, new information, future events, or otherwise, except
as may otherwise be required by law. Actual future events could
also differ materially due to numerous factors that involve
substantial known and unknown risks and uncertainties including,
among other things, risks relating to the final impact of the
restatement on the Company’s consolidated financial statements; the
risk that additional information will come to light that alters the
scope or magnitude of the restatement; the risks and uncertainties
set forth under “Risk Factors” and elsewhere in the Company’s
reports on Form 10-K and Form 10-Q; and the other risks and
uncertainties discussed in any subsequent reports that the Company
files with the Securities and Exchange Commission from time to
time. Although the Company has attempted to identify those material
factors that could cause actual results or events to differ from
those described in such forward-looking statements, there may be
other factors that could cause actual results or events to differ
from those anticipated, estimated or intended. Given these
uncertainties, investors are cautioned not to place undue reliance
on forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240517925933/en/
Investor Relations Contact: Eric Robinson 312-809-1093
ir@azekco.com
Media Contact: Amanda Cimaglia 312-809-1093 media@azekco.com
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