On March 15, 2023, Array announced it would an amendment to its previously filed Notification of Late Filing on Form 12b-25 with the SEC as it determined it would be unable to file its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”) within the 15 day extension period, which ends on March 16, 2023, as it requires additional time to complete the Annual Report. The Company was postponing release of its fourth quarter and full year financial results and conference call initially scheduled for March 6, 2023 to allow additional time to complete its year-end closing procedures.
On this news, Array’s stock price fell $1.27, or 6.46%, to close at $18.40 per share on March 15, 2023, thereby injuring investors.