Item 3.01. Notice of Failure to Satisfy a Continued Listing Rule or Standard.
On May 19, 2020 Hamilton Beach Brands Holding Company (the "Company") received a
notice from the New York Stock Exchange (the "NYSE") indicating that the Company
is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a
result of its failure to timely file its Form 10-Q for the period ending March
31, 2020 (the "First Quarter 10-Q") with the Securities and Exchange Commission
(the "SEC").
The NYSE informed the Company that, under the NYSE rules, the Company will have
six months from the filing due date to file the First Quarter 10-Q with the SEC.
The Company can regain compliance at any time before that date by filing the
First Quarter 10-Q with the SEC. If the Company fails to file the First Quarter
10-Q before the NYSE's six month compliance deadline, the NYSE may, in its sole
discretion, grant an extension of up to six additional months for the Company to
regain compliance, depending on the specific circumstances.
As previously disclosed in the Company's Form 12b-25 filed with the SEC on May
11, 2020, the reason for the delay is the additional time needed to complete an
investigation into certain accounting irregularities at its Mexican subsidiary
in order to determine the impact these matters may have on the Company's
financial results. The Audit Review Committee of the Company's Board of
Directors is overseeing the investigation with the assistance of outside counsel
and other third-party experts. The Company continues to work diligently to
complete the investigation and file the First Quarter 10-Q as quickly as
possible.
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