Shares of Symbotic Inc. (SYM) are plunging 13.39% in pre-market trading on Wednesday. The stock movement comes after the company filed for a non-timely 10-K report with the U.S. Securities and Exchange Commission (SEC).
Symbotic stated that it requires additional time to complete the assessment of financial impacts related to correcting an error in its system revenue recognition. The company is delaying its annual report filing, which was initially due for the period ended September 30, 2024.
The delay in filing the 10-K report has raised concerns among investors, leading to a significant sell-off in Symbotic's stock during the pre-market trading session. The company has not provided a specific timeline for when the report will be filed, further adding to the uncertainty surrounding its financial reporting.
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