Business
Orbit International Corp. Announces Further Delay in Filing Its 2022 Annual Report
Orbit International Corp. Announces Further Delay in Filing Its 2022 Annual Report.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Company’s Stock Will Be Moved to the OTC Expert Market on Tuesday, May 16, 2023 Company Will Suspend Its Buyback Program Until Its Reinstatement to the OTC Pink Market HAUPPAUGE, N.Y., May 12, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, announced today that the filing of its 2022 Annual Report has been further delayed with the OTC as additional time is needed to complete the audit of the acquired and ending inventory of its recently acquired Simulator Product Solutions LLC subsidiary (“SPS”) and the preparation of the 2022 Annual Report. As a result of this late filing, our stock will be moved, effective Tuesday, May 16, 2023, to the OTC Expert Market, an illiquid market, and will remain there until our Annual Report is completed and the Company is reinstated to the OTC Pink Market. In addition, the Company will suspend its buyback program while it remains on the OTC Expert Market and will reinstate its buyback program when it returns to the OTC Pink Market. Mitchell Binder, President and CEO commented, “Our accounting staff continues to work with our auditors to complete and file our 2022 Annual Report. Despite these efforts, unfortunately, additional time is needed to complete the audit of the acquired inventory of SPS on January 3, 2022, as well as its ending inventory at December 31, 2022.   Furthermore, we expect the range of sales and net income for the fourth quarter and year ended December 31, 2022, to be in the range previously announced on April 18, 2023.” Mr. Binder added, “As mentioned, the one issue remaining is to complete the audit of the inventory of SPS. Once the audit is completed, we do not expect any adjustment to have any material effect on the financial statements of the Company at December 31, 2022. Our Company previously reported a book value of $5.75 at September 30, 2022.” Mr. Binder continued, “As a result of our stock being moved to the OTC Expert Market, an illiquid market, and although this has no material effect on the financial condition of the Company, our Board of Directors has determined to suspend its buyback program, beginning May 16, 2023, until we return to the OTC Pink Market. Although the Company now expects to complete the audit within the next ...