Archer-Daniels-Midland Company ADM shares are trading higher in the morning session on Friday.
In an exchange filing, the company said that it is unable to file its Annual Report for the fiscal year ended December 31, 2023, within the prescribed time period.
The company confirmed that it is working diligently to finalize its financial statements and intends to file its Annual Report as soon as practicable by March 15, 2024, the end of the 15-day extension period.
The delay happened as the company was conducting an investigation of certain accounting practices and procedures concerning the Nutrition reporting segment.
In connection with the investigation, the company anticipates correcting certain intersegment sales reported in the segment and geographic information footnote to the company's consolidated financial statements that were not recorded at amounts approximating market.
Due to the investigation, the preparation of the company's financial statements to be included in the Annual Report, as well as the finalization of the assessment of internal control over financial reporting, require additional time to complete, it said in the filing.
Price Action: ADM shares are trading higher by 2.20% to $54.28 on the last check Friday.
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