Item 8.01 Other Events
The Company is relying on the SEC Order to delay the filing of our Quarterly Report due to circumstances related to the COVID-19 pandemic.
Disruptions and changes to our business caused by COVID-19 have required that we
perform additional analyses relating to COVID-19's potential impact on our
consolidated financial statements? moreover, the Company's operations and
business have experienced disruptions due to the unprecedented conditions
surrounding COVID-19, including shutdowns in
Considering the impact of these factors, the Company will be unable to compile
and review certain information required to file the Quarterly Report by
In addition, in light of ongoing developments related to COVID-19, we are
supplementing the risk factors previously disclosed under Part I, Item 1A, "Risk
Factors" of our Annual Report on Form 10-K for the fiscal year ended
The COVID-19 pandemic has adversely affected the Company's business, and the ultimate effect on the Company's operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.
The effects of the COVID-19 pandemic, including actions taken by businesses and
governments, have adversely affected the global economy, disrupted global supply
chains and created significant volatility in the financial markets. As a result,
there has been a significant reduction in demand for and prices of auto parts.
If the reduced demand for and price of auto parts continues for a prolonged
period, the Company's business, financial condition, results of operation and
liquidity may be materially and adversely affected. Although the Company's
factories in
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The extent to which the COVID-19 pandemic adversely affects the Company's
business, financial condition, results of operation and liquidity will depend on
future developments, which are highly uncertain and cannot be predicted. These
future developments include, but are not limited to, the scope and duration of
the COVID-19 pandemic and actions taken by governmental authorities and other
third parties in response to the pandemic. Disruptions and/or uncertainties
related to the COVID-19 pandemic for a sustained period of time could result in
delays or modifications to the Company's strategic plans and initiatives and
hinder the Company's ability to achieve its strategic goals. The COVID-19
pandemic, and the volatile regional and global economic conditions stemming from
the pandemic, may also have the effect of heightening many of the other risks
described in the "Risk Factors" section included in the Company's Annual Report
on Form 10-K and in this Current Report on Form 8-K, as those risk factors area
mended or supplemented by subsequent Quarterly Reports on Form 10-Q and other
reports and documents filed with the
Forward Looking Statements
Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words. Such statements include, but are not limited to, statements about the Company's plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the Company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward looking statements. There may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our company in particular have been material, are changing rapidly, and cannot be predicted. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward looking statements speak only as of the date hereof or as of the dates indicated in the statement.
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