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AUBURN HILLS, Mich. - SPAR Group, Inc. (NASDAQ: SGRP), a merchandising and marketing services provider with a market capitalization of $24.91 million, disclosed on Monday that it has received a Nasdaq notification regarding its non-compliance due to a delayed filing of its annual report. The company did not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, within the extended deadline. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 1.77.
The notice, dated April 23, 2025, does not immediately affect the trading of SPAR Group’s shares on the Nasdaq, which currently trade at $1.11. However, the company must submit a compliance plan within the next 60 days to outline how it intends to address the filing delay. If the plan is accepted, Nasdaq may allow an extension up until October 13, 2025, for SPAR Group to meet the listing requirements.
SPAR Group is actively working to finalize its Fiscal Year 2024 10-K report and aims to resume timely filings thereafter. The company’s announcement complies with Nasdaq Listing Rule 5810(b), which mandates prompt public disclosure of any deficiency notices received.
The press release also contained forward-looking statements regarding the company’s expectations and potential risks, which should be regarded with caution as they are subject to various factors that could cause actual results to differ materially. These statements include projections and assumptions about the company’s financial condition, performance, and business prospects.
The company plans to file its definitive Proxy Statement for its 2025 Annual Meeting of Stockholders with the Securities and Exchange Commission around April 30, 2025. This document will provide additional information regarding the company’s governance and operations.
Investors are advised to consider the forward-looking statements in the context of the risks detailed by the company and not to place undue reliance on them. Despite recent challenges, including a 53.48% price decline over the past six months, InvestingPro analysis suggests the stock is currently undervalued, trading at a P/E ratio of just 2.13. For deeper insights into SPAR Group’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence. The information in this article is based on a press release statement from SPAR Group, Inc.
In other recent news, SPAR Group, Inc. has announced a delay in filing its Annual Report for the fiscal year ending December 31, 2024. This delay is attributed to the ongoing audit process and the company’s merger with Highwire Capital, alongside the transition to a new Enterprise Resource Planning system. Highwire Capital has reaffirmed its commitment to acquiring SPAR Group, with the acquisition having received stockholder approval on October 25, 2024. The all-cash transaction is aimed at leveraging SPAR’s services to enhance Highwire’s portfolio, although the exact terms remain undisclosed. SPAR Group has also secured a third extension for the merger financing, moving the Commitment Termination Date to March 17, 2025. Both companies express optimism about the merger, though they acknowledge potential risks and uncertainties. Highwire Capital’s representative mentioned that the lender’s commitment letter has been extended, and efforts continue to finalize the process. The completion of the merger remains subject to customary closing conditions.
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