The Azek Company Inc. (NYSE: AZEK) recently announced that it received a notice from the New York Stock Exchange (NYSE) regarding its non-compliance with section 802.01E of the NYSE Listed Company Manual. This non-compliance stems from the company's failure to timely file its quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2024, with the Securities and Exchange Commission (SEC) prior to May 15, 2024.
As a result, the NYSE notice has no immediate effect on the listing of the company's common stock on the NYSE. However, the company has been informed that it has six months from May 15, 2024, to regain compliance with the NYSE listing standards by filing the Form 10-Q with the SEC. Failure to do so within the specified timeframe may lead to delisting proceedings at the discretion of the NYSE.
The company's inability to file the Form 10-Q within the prescribed period is attributed to the need for additional time to complete and file restated consolidated financial statements for the affected periods. These affected periods include the fiscal years ended September 30, 2023, 2022, and 2021, the interim periods within those fiscal years, and the three months ended December 31, 2023. The company has dedicated significant resources to the completion of these restated consolidated financial statements and related disclosures for inclusion in the Form 10-Q.
The Azek Company Inc. is a leading designer and manufacturer of low maintenance and environmentally sustainable outdoor living products. Its product line includes Timbertech decking and railing, Versatex and Azek trim, and Struxure pergolas. The company is known for its commitment to using recycled materials in the manufacturing of its products, thereby contributing to a more sustainable future.
Despite the challenges related to regulatory compliance, the company continues to be recognized for its innovation, quality, aesthetics, and sustainability. It 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. With approximately 2,000 employees, the Azek Company operates manufacturing and recycling facilities in several states across the United States.
As the company works towards regaining compliance with the NYSE listing standards, stakeholders will be closely monitoring its progress in meeting the regulatory requirements and its ongoing commitment to sustainability and innovation. Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $46.63. If you want to know more, read the company's complete 8-K report here.
