ORLANDO,
Fla., Jan. 10, 2025 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for the
global markets, along with strategic joint ventures including
biometrics, today announced it has filed a Form 12b-25 with the
U.S. Securities and Exchange Commission ("SEC"), as the Company
will be late in filing its Quarterly Report on Form 10-Q for the
quarter ended November 30, 2024 (the
"Form 10-Q"). The delay is principally caused by the
Company's determination that it is necessary to test its goodwill,
other intangible assets, and other long-lived assets for impairment
as a result of the Company's previously announced entry into the
Agreement and Plan of Merger ("Merger Agreement") with Gentex
Corporation ("Gentex") on December 17,
2024, in connection with its triggering events review, and
the time necessary to complete the impairment analysis.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown
into a worldwide leader in the Automotive Electronics and
Consumer Electronics industries. Over the past several decades,
VOXX has built market-leading positions in in-vehicle entertainment
and automotive security, as well as in a number of premium audio
market segments, and more. VOXX is a global company, with an
extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and many of the world's leading
automotive manufacturers. For additional information, please visit
our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained herein, statements
made in this release constitute forward-looking statements and thus
may involve certain risks and uncertainties. Forward looking
statements in this release include the expected timing for the Form
10-Q and the preliminary results contained herein. All
forward-looking statements made in this release are based on
currently available information and the Company assumes no
responsibility to update any such forward-looking statements. The
following factors, among others, may cause actual results to differ
materially from the results suggested in the forward-looking
statements: potential changes to our preliminary results that could
occur as the Company finalizes our internal review and our
independent registered public accounting firm completes its review
of such results; failure to complete the transaction with Gentex in
a timely manner or at all; global supply shortages and logistics
costs and delays; global economic trends; cybersecurity risks;
risks that may result from changes in the Company's business
operations; operational execution by our businesses; changes in
law, regulation or policy that may affect our businesses, including
the potential introduction of new tariffs; our ability to increase
margins through implementation of operational improvements,
restructuring and other cost reduction methods; our ability to
keep pace with technological advances; significant competition in
the automotive electronics, consumer electronics and biometrics
businesses; our relationships with key suppliers and customers;
quality and consumer acceptance of newly introduced products;
market volatility; non-availability of product; excess inventory;
price and product competition; new product introductions; foreign
currency fluctuations; restrictive debt covenants and other risks
described in the "Risk Factors" section of the Company's
Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings made by the
Company from time to time with the SEC, as such descriptions
may be updated or amended in any future reports we file with the
SEC. Many of the foregoing risks and uncertainties are, and will
be, exacerbated by the War in the Ukraine and any worsening of
the global business and economic environment as a
result.
Investor Relations Contact:
Glenn Wiener, GW Communications (for
VOXX)
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation