C. (NASDAQ:ABCD) Files An 8-K Other Events
ITEM 8.01OTHER EVENTS
Reference is made to the order of the U.S. Securities and Exchange Commission, dated March 25, 2020: Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies (Release No. 34-88465) (the “Order”). The Order extends the deadlines for filing certain reports made under the Securities Exchange Act of 1934 (the “Exchange Act”), including annual reports on Form 10-K, for registrants subject to the reporting obligations under the Exchange Act that have been impacted by the novel coronavirus disease, COVID-19, and which reports have filing deadlines between March 1 and July 1, 2020.
In accordance with the provisions of the Order, the Company is hereby providing notice of its inability to meet the filing deadline for its Form 10-Q Quarterly Report, due on May 14, 2020, as a result of the impact of the COVID-19 pandemic on its business and operations. As required by the Order:
1.The Company is relying on the Order in connection with the filing of its Quarterly Report on Form 10-Q for the period ended March 31, 2020;
2.As a direct result of the COVID-19 pandemic in the United States, the social distancing limitations placed upon the Company’s staff and management, and the reduction in common business-related services, the routine efforts of the Company’s accounting and finance personnel have significantly been affected in connection with the completion of the Company’s financial statements and the work required to complete the 2019 audit. As a result, the Company is unable to finalize and file its Quarterly Report on Form 10-Q on a timely basis.
3.The Company estimates that it will file its Quarterly Report on Form 10-Q on or about June 28, 2020.
4.As a smaller reporting company, the Company is not required to provide risk factors in its Quarterly Reports. However, the Company intends on including the following information within its Quarterly Report on Form 10-Q for the period ended March 31, 2020:
In December 2019, an outbreak of the COVID-19 virus was reported in Wuhan, China. On March 11, 2020, the World Health Organization declared the COVID-19 virus a global pandemic, and on March 13, 2020, President Donald J. Trump declared the virus a national emergency in the United States. As of May 11, 2020, the WHO reports over 4 million confirmed COVID-19 cases and over 275,000 deaths worldwide, including over 75,000 in the U.S. This highly contagious disease has spread to most of the countries in the world and throughout the United States, creating a serious impact on customers, workforces and suppliers, disrupting economies and financial markets, and potentially leading to a world-wide economic downturn. It has caused a disruption of the normal operations of many businesses, including the temporary closure or scale-back of business operations and/or the imposition of either quarantine or remote work or meeting requirements for employees, either by government order or on a voluntary basis. The pandemic may adversely affect our customers’ operations, our employees and our employee productivity. It may also impact the ability of our subcontractors, partners, and suppliers to operate and fulfill their contractual obligations, and result in an increase in costs, delays or disruptions in performance. These effects, and the direct effect of the virus and the disruption on our employees and operations, may negatively impact both our ability to meet customer demand and our revenue and profit margins. Our employees, in many cases, are working remotely and using various technologies to perform their functions. We might experience delays or changes in customer demand, particularly if customer funding priorities change. Further, in reaction to the spread of COVID-19 in the United States, many businesses have instituted social distancing policies, including the closure of offices and worksites and deferring planned business activity. Additionally, the disruption and volatility in the global and domestic capital markets may increase the cost of capital and limit our ability to access capital. Both the health and economic aspects of the COVID-19 virus are highly fluid and the future course of each is uncertain. For these reasons and other reasons that may come to light if the coronavirus pandemic and associated protective or preventative measures expand, we may experience a material adverse effect on our business operations, revenues and financial condition; however, its ultimate impact is highly uncertain and subject to change.
Forward-Looking Statements
Information included in this Current Report may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the Company\’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe the Company\’s future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. The Company\’s actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. The Company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
About C. (NASDAQ:ABCD)
Cambium Learning Group, Inc. is an educational solutions and services company. The Company’s product lines include Learning A-Z (www.learninga-z.com), ExploreLearning (www.explorelearning.com), Voyager Sopris Learning (www.voyagersopris.com) and Kurzweil Education (www.kurzweiledu.com). It operates through three segments: Learning A-Z, Voyager Sopris Learning and ExploreLearning. The product lines provide technology solutions for online learning and professional support; intervention and supplemental instructional materials; professional development and school-improvement services; valid assessments, and materials. Learning A-Z is a preK-6 educational technology provider of digitally delivered resources and tools that support instruction and student growth in reading, writing, and science. Voyager Sopris Learning segment includes its Voyager Sopris Learning and Kurzweil Education brands. ExploreLearning develops online solutions to improve student learning in math and science.
