UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

 FORM 10-K/A

(Amendment No. 1)

 

☒

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Fiscal Year Ended December 31, 2023

 

or

 

☐

 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number 1-13752

 

Smith-Midland Corporation

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

54-1727060

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

P.O. Box 300, 5119 Catlett Road

Midland, Virginia 22728

(Address of Principal Executive Offices, Zip Code)

Registrant's telephone number, including area code: (540) 439-3266

 

Securities Registered Under Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of exchange on which registered

Common Stock, $0.01 par value per share

 

 SMID

 

 NASDAQ

 

Securities Registered Pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐   No ☒

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐   No ☒

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  ☐

 Accelerated filer

  ☐

 Non-accelerated filer

 ☒

 Smaller reporting company

  ☒

 Emerging growth company

  ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financials statements. ☐

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐   No ☒

 

The aggregate market value of the shares of the voting and non-voting common equity held by non-affiliates computed by reference to the average bid and asked price of such common equity as of June 30, 2023 (the last business day of the Company’s most recently completed second fiscal quarter) was $73,135,252. For the sole purpose of making this calculation, the term “non-affiliate” has been interpreted to exclude directors, officers, and holders of 10% or more of the Company’s common stock.

 

As of September 24, 2024, the Company had outstanding 5,345,759 shares of Common Stock, $.01 par value per share, net of treasury shares.

 

 

 

Explanatory Note

 

Smith-Midland Corporation. (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment No. 1”) to amend its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on May 23, 2024 (the “Original Form 10-K”). This Amendment No. 1 is being filed solely in order to (i) delete the hyperlink for Exhibit 3.2 which inadvertently linked a prior set of the Company’s By-Laws, and (ii) replace Exhibit 3.2 with a current version of the Company’s Amended and Restated By-Laws.  Exhibit 3.2 was originally filed as an Exhibit to a Form 8-K filed with the Securities and Exchange Commission on October 31, 2023.

 

In accordance with the rules of the SEC, updated certifications pursuant to Section 302 of the Sarbanes-Oxley Act 2002 are being filed as Exhibits 31.1 and 31.2 and an updated certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is being filed as Exhibits 32.1 to this Amendment No. 1. Since financial statements are not included in this Amendment No. 1 and this Amendment No. 1 does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted.

 

Except as noted above, no other modifications or changes have been made to the Original Form 10-K or the Company’s consolidated financial statements or the notes thereto included therein. This Amendment No. 1 does not reflect the effect of any events subsequent to the filing of the Original Form 10-K and does not modify or update in any way any other disclosures made in the Original Form 10-K.  Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K and the Company’s other filings made with the SEC.

 

 
2

 

 

PART IV

 

Item 15. Exhibits and Financial Statement Schedules

 

The following exhibits are filed herewith:

 

Number

 

Description

 

 

 

3.2

 

By-Laws (Amended and Restated as of October 25, 2023)

 

 

 

31.1

 

Certification of Chief Executive Officer.

 

 

 

31.2

 

Certification of Principal Financial Officer.

 

 

 

32.1

 

Certification pursuant 18 U.S.C. Section 1350 as adapted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

 

101.INS

 

XBRL Instance Document.

101.SCH

 

XBRL Taxonomy Extension Schema Document.

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document.

 

 
3

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

SMITH-MIDLAND CORPORATION

 

 

 

 

 

Date: September 24, 2024

By:  

/s/ Ashley B. Smith

 

 

 

Ashley B. Smith  

 

 

 

Chief Executive Officer and President

 

 

 

(Principal Executive and Financial Officer)

 

 

 
4

 

nullnullnullnullv3.24.3
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Sep. 24, 2024
Jun. 30, 2023
Cover [Abstract]      
Entity Registrant Name Smith-Midland Corporation    
Entity Central Index Key 0000924719    
Document Type 10-K/A    
Amendment Flag true    
Entity Voluntary Filers No    
Current Fiscal Year End Date --12-31    
Entity Well Known Seasoned Issuer No    
Entity Small Business true    
Entity Shell Company false    
Entity Emerging Growth Company false    
Entity Current Reporting Status Yes    
Document Period End Date Dec. 31, 2023    
Entity Filer Category Non-accelerated Filer    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2023    
Entity Common Stock Shares Outstanding   5,345,759  
Entity Public Float     $ 73,135,252
Entity File Number 1-13752    
Entity Incorporation State Country Code DE    
Entity Tax Identification Number 54-1727060    
Entity Address Address Line 1 P.O. Box 300    
Entity Address Address Line 2 5119 Catlett Road    
Entity Address City Or Town Midland    
Entity Address State Or Province VA    
Entity Address Postal Zip Code 22728    
City Area Code 540    
Local Phone Number 439-3266    
Security 12b Title Common Stock, $0.01 par value per share    
Trading Symbol SMID    
Security Exchange Name NASDAQ    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Icfr Auditor Attestation Flag false    
Amendment Description Smith-Midland Corporation. (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment No. 1”) to amend its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on May 23, 2024 (the “Original Form 10-K”). This Amendment No. 1 is being filed solely in order to (i) delete the hyperlink for Exhibit 3.2 which inadvertently linked a prior set of the Company’s By-Laws, and (ii) replace Exhibit 3.2 with a current version of the Company’s Amended and Restated By-Laws.  Exhibit 3.2 was originally filed as an Exhibit to a Form 8-K filed with the Securities and Exchange Commission on October 31, 2023. In accordance with the rules of the SEC, updated certifications pursuant to Section 302 of the Sarbanes-Oxley Act 2002 are being filed as Exhibits 31.1 and 31.2 and an updated certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is being filed as Exhibits 32.1 to this Amendment No. 1. Since financial statements are not included in this Amendment No. 1 and this Amendment No. 1 does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted.  Except as noted above, no other modifications or changes have been made to the Original Form 10-K or the Company’s consolidated financial statements or the notes thereto included therein. This Amendment No. 1 does not reflect the effect of any events subsequent to the filing of the Original Form 10-K and does not modify or update in any way any other disclosures made in the Original Form 10-K.  Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K and the Company’s other filings made with the SEC.    
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