NYSE gives tentative OK to CPI Aerostructures compliance plan
Aircraft parts are manufactured on the factory floor of CPI Aerostructures in Edgewood in this 2012 photo. Credit: Jeremy Bales
The New York Stock Exchange has granted tentative approval to a plan by CPI Aerostructures Inc. to regain compliance with its listing standards, the company announced Wednesday.
The Edgewood maker of aircraft assemblies is in the process of restating its financial statements for the years 2019 and 2020 because of errors related to valuing its inventory.
CPI Aero said the NYSE notice received Tuesday sets an initial compliance deadline of April 14, 2022 that could be extended to May 24, 2022.
In the interim, CPI Aero stock will continue to be listed on the exchange. The company received a delisting notice from the NYSE in May that was triggered by its failure to file a quarterly financial report.
Shares of CPI Aero fell 1.7% to close at $2.93 on Wednesday.
The 41-year-old maker of assemblies for UH-60 Blackhawk helicopters, A-10 Thunderbolt attack jets and EA-18G Growler battlefield management aircraft hired Andrew L. Davis as its new chief financial officer in October.
The Securities and Exchange Commission issued a letter to CPI Aero earlier this year saying that it did not plan to issue charges related to an investigation into the company's finances.
CPI Aero had 267 employees as of Dec. 31.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
