AEY

ADDvantage Technologies Regains Compliance with Nasdaq Minimum Bid Price Requirement

Retrieved on: 
Monday, December 4, 2023
Failure, Letter, AEY, Notification, Auction

CARROLLTON, Texas, Dec. 04, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that on December 1, 2023, it received a notification letter (the “Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it had regained compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rule 5550(a)(2) (the “Nasdaq Capital Market Minimum Bid Price Requirement”).

Key Points: 
  • CARROLLTON, Texas, Dec. 04, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that on December 1, 2023, it received a notification letter (the “Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it had regained compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rule 5550(a)(2) (the “Nasdaq Capital Market Minimum Bid Price Requirement”).
  • On June 7, 2023, the Company had received a letter (the “Notice”) from Nasdaq notifying the Company that, because the closing bid price for its common stock has been below $1.00 per share for 30 consecutive business days, it was not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.
  • Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”), and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days.
  • The Notification Letter notified the Company that because the closing bid price of the Company’s common stock was at $1.00 or greater for the prior 10 consecutive business days, from November 16, 2023, to November 30, 2023, Nasdaq had determined that Company has regained compliance with Nasdaq’s Minimum Bid Requirement, and that Nasdaq considered the matter closed.

ADDvantage Technologies Group, Inc. Completes 1-for-10 Reverse Stock Split as Part of Nasdaq Compliance Plan

Retrieved on: 
Thursday, November 16, 2023
Transfer, Shareholder, Common stock, State, CUSIP, Reverse stock split, AEY, Common, Certificate, Security (finance)

As a result of the Reverse Stock Split, every ten (10) shares of issued and outstanding Common Stock were combined into one (1) validly issued, fully paid and non-assessable share of Common Stock.

Key Points: 
  • As a result of the Reverse Stock Split, every ten (10) shares of issued and outstanding Common Stock were combined into one (1) validly issued, fully paid and non-assessable share of Common Stock.
  • The Reverse Stock Split uniformly affected all issued and outstanding shares of Common Stock and did not alter any stockholder's percentage ownership interest in the Company, except to the extent that the Reverse Stock Split resulted in the fractional interests.
  • The Reverse Stock Split has reduced the number of shares of Common Stock issued and outstanding from the earlier 14,947,078 to 1,494,707 shares of Common Stock.
  • The trading symbol for the Common Stock will remain “AEY.” Following the Reverse Stock Split, the CUSIP for the Company’s Common Stock is 006743 405.

ADDvantage Technologies Reports Financial Results for the Quarter Ended September 30, 2023

Retrieved on: 
Tuesday, November 14, 2023
Three Months, Bank statement, SG&A, Insurance, Optical transport network, Note 2, Communication, AEY, Fixed wireless, Clothing, Cable television, Cryptocurrency, Telco

CARROLLTON, Texas, Nov. 14, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported financial results for the three and nine months ended September 30, 2023, the third quarter of 2023.

Key Points: 
  • CARROLLTON, Texas, Nov. 14, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported financial results for the three and nine months ended September 30, 2023, the third quarter of 2023.
  • This expansion shows significant promise, representing a more durable revenue stream that is more resistant to economic pressures.
  • Cash and cash equivalents were $1.6 million as of September 30, 2023, compared to $2.6 million at December 31, 2022.
  • See further discussion in Note 2 to the Company’s financial statements included in the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023.

ADDvantage Technologies Announces 1-for-10 Reverse Stock Split as Part of Nasdaq Compliance Plan

Retrieved on: 
Thursday, November 9, 2023
Transfer, Common stock, CUSIP, Reverse stock split, Eastern Time Zone, AEY, Security (finance)

CARROLLTON, Texas, Nov. 09, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that it will effect a 1-for-10 reverse stock split of its common stock, $0.01 par value per share (the “Common Stock”), where every ten issued and outstanding shares of Common Stock will be converted into one share of Common Stock (the “Reverse Stock Split”).

Key Points: 
  • CARROLLTON, Texas, Nov. 09, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that it will effect a 1-for-10 reverse stock split of its common stock, $0.01 par value per share (the “Common Stock”), where every ten issued and outstanding shares of Common Stock will be converted into one share of Common Stock (the “Reverse Stock Split”).
  • The Reverse Stock Split is expected to take effect as of 12:01 a.m., Eastern Time, on November 16, 2023 (the “Effective Time”).
  • There will be no change to the number of authorized shares of the Common Stock as a result of the Reverse Stock Split.
  • As a result of the Reverse Stock Split, the number of outstanding shares of Common Stock will be reduced from approximately 14,947,078 shares outstanding as of November 8, 2023, to approximately 1,494,707 shares outstanding after giving effect to the Reverse Stock Split.

ADDvantage Technologies’ Service Subsidiary Executes Agreements with Leading Optical Communications OEMs

Retrieved on: 
Friday, October 13, 2023
Digital divide, Engineering, IIJA, Original equipment manufacturer, Education, Infrastructure Investment and Jobs Act, History, AEY, Internet service provider, Broadband

CARROLLTON, Texas, Oct. 13, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has executed new multi-year agreements with some of the largest optical communications OEMs in the United States.

Key Points: 
  • CARROLLTON, Texas, Oct. 13, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has executed new multi-year agreements with some of the largest optical communications OEMs in the United States.
  • Under the new agreements, the Broadband division of Fulton Technologies is now authorized to provide fiber design, engineering, and construction services throughout the United States.
  • These new agreements will provide opportunities to improve upon legacy deployment methods via additional training, education, and technology improvements.
  • “Working directly with broadband service providers is vital to understanding design considerations, technology decisions, and deployment timelines,” commented Brian Davidson, Chief Revenue Officer of ADDvantage Technologies.

ADDvantage Technologies Telecom Services Company Awarded $4 Million in Broadband Division Contracts

Retrieved on: 
Monday, September 11, 2023
Digital divide, Electronics, AEY, IIJA, Infrastructure Investment and Jobs Act, History, Internet service provider, Broadband

CARROLLTON, Texas, Sept. 11, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has secured numerous new Broadband Division contracts and awards, resulting in $4 million of new backlog for the current fiscal year.

Key Points: 
  • CARROLLTON, Texas, Sept. 11, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has secured numerous new Broadband Division contracts and awards, resulting in $4 million of new backlog for the current fiscal year.
  • Since announcing the expansion of Broadband services provided by Fulton at the end of June, the Company has experienced tremendous activity and interest in its expanded offering.
  • “The results the Company has generated over the past couple of months are impressive, validating Fulton’s expertise and the growing demand from customers,” commented Brian Davidson, CRO of ADDvantage Technologies.
  • “The volume of new contracts that the Broadband team has won is encouraging,” commented J D Jones, President of Fulton Technologies.

ADDvantage Technologies Reports Financial Results for the Quarter Ended June 30, 2023

Retrieved on: 
Monday, August 14, 2023
Insurance, Communication, Partnership, SG, Bank statement, AEY, Federal, Burn, Three Months, Note 2, WTS, Cryptocurrency, Telco, Wireless

CARROLLTON, Texas, Aug. 14, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported financial results for the three and six months ended June 30, 2023, the second quarter of 2023.

Key Points: 
  • CARROLLTON, Texas, Aug. 14, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported financial results for the three and six months ended June 30, 2023, the second quarter of 2023.
  • “Both segments of our business were impacted by macro-headwinds during the quarter," commented Joe Hart, Chief Executive Officer.
  • Financial Results for the Three Months ended June 30, 2023
    Second quarter sales were $12.1 million, a decrease of $15.7 million, or 57% compared to $27.8 million last year.
  • This announcement does not represent any change or amendment to the Company’s financial statements or to its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2023.

ADDvantage Technologies Telecom Services Company Broadens Service Offering to Support Federal Broadband Deployment and Investment

Retrieved on: 
Wednesday, June 28, 2023
Digital divide, Fulton, OSP, AEY, IIJA, Infrastructure Investment and Jobs Act, History, Davidson, Safety, Internet service provider

CARROLLTON, Texas, June 28, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., is expanding its operation and value-added services to the deployment of fiber broadband connectivity.

Key Points: 
  • CARROLLTON, Texas, June 28, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., is expanding its operation and value-added services to the deployment of fiber broadband connectivity.
  • With the enactment of the federal $1.2 trillion Infrastructure Investment and Jobs Act (IIJA), resources are becoming available to deploy broadband infrastructure to help close the digital divide.
  • The IIJA provides the single largest one-time federal broadband investment in history with over $65 billion in funding.
  • Fulton Technologies’ management team has a long history of fiber engineering and deployment of Outside Plant Services (OSP).

ADDvantage Technologies Telecom Services Company Teams with Walker Technical Solutions (WTS) to Broaden Service Offering and Enhance Customer Value

Retrieved on: 
Tuesday, June 20, 2023
Fulton, AEY, WTS

CARROLLTON, Texas, June 20, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that its wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has signed a teaming agreement with Walker Technical Solutions LLC (“WTS”) to enhance overall service delivery and long-term customer value.

Key Points: 
  • CARROLLTON, Texas, June 20, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that its wholly owned subsidiary, Fulton Technologies (“Fulton”) Inc., has signed a teaming agreement with Walker Technical Solutions LLC (“WTS”) to enhance overall service delivery and long-term customer value.
  • The teaming agreement between Fulton and WTS provides telecom customers with a unique value proposition.
  • “We are thrilled to be working with WTS and leveraging the vast experience, capabilities, and scale they provide,” commented Brian Davidson, CRO of ADDvantage Technologies.
  • “Our collective team has already begun having substantive conversations around improving customer key metrics and accountability through our new arrangement.

ADDvantage Technologies Reports Financial Results for the Quarter Ended March 31, 2023

Retrieved on: 
Monday, May 15, 2023
Insurance, Growth, Communication, Three Months, Marketing, AEY, Retail, Telco

CARROLLTON, Texas, May 15, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported financial results for the three months ended March 31, 2023, the first quarter of 2023.

Key Points: 
  • CARROLLTON, Texas, May 15, 2023 (GLOBE NEWSWIRE) -- ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported financial results for the three months ended March 31, 2023, the first quarter of 2023.
  • The Company has changed its fiscal year end from September 30 to December 31, and this report reflects that adjustment.
  • Cash and cash equivalents were $2.6 million as of March 31, 2023, effectively unchanged when compared to December 31, 2022.
  • The Company will host a conference call on Monday, May 15, 2023 at 5 p.m. Eastern.