Car-Mart Report Delayed

Surely we aren’t the only ones who have been watching for an annual report out of America’s Car-Mart Inc., the publicly traded buy-here, pay-here used car chain based at Rogers. 

Alas, we’ll all have to wait a bit longer.

Car-Mart told the Securities & Exchange Commission on Thursday — June 30 — that it needed a 15-day extension. But it needs an extension only because the results from its fiscal year that ended April 30 had pushed it into a new regulatory status: “large accelerated filer.” 

As a large accelerated filer, Car-Mart should have filed its annual report (Form 10-K) no more than 60 days after the end of its fiscal year. Previously, the company has had 75 days.

So what exactly does it mean that Car-Mart has “slightly exceeded the threshold for becoming a large accelerated filer,” as it declared to the SEC? Well, it doesn’t mean a new revenue threshold has been achieved. Under SEC regulations amended in 2020, there is no revenue threshold for large accelerated filers. 

It probably means that Car-Mart’s public float exceeded $700 million on Oct. 29, which was the last business day of its second fiscal quarter. And public float is the value of unrestricted shares available for trade on the open market. 

Car-Mart’s stock (Nasdaq: CRMT) has been on a roller coaster, trading between $72.50 and $165.50 the past year. Last week it was trading around $100. n