Item 8.01 Other Information.
Relying on Order for Reporting Relief
On March 4, 2020, the Securities and Exchange Commission ("SEC") issued an order
(the "Order") under the Exchange Act of 1934 (the "Exchange Act") extending the
deadlines for filing certain reports made under the Exchange Act, including
annual reports on Form 10-K, for registrants subject to the reporting
obligations under the Exchange Act that have been particularly impacted by the
coronavirus disease 2019 ("COVID-19") and which reports have filing deadlines
between March 1 and April 30, 2020. Alpha-En Corporation (the "Company") is
relying on the Order with respect to its Annual Report on Form 10-K for the year
ended December 31, 2019 which was due to be filed with the SEC on or before
March 30, 2020.
The Company is relying on the Order due to the reduction in staff, suspension of
in-person operations at headquarters and lab facility in Yonkers, New York, and
other financial and operational concerns associated with or caused by COVID-19.
The Company's business operations are contracted in the greater New York city
area, which is currently on "lock-down" orders or "shelter in place"
recommendations, including key personnel responsible for assisting the Company
in the development of its financial statements. As a result of the travel and
work restrictions stemming from the COVID-19 pandemic, the Company is unable to
obtain financial records that it needs from its operations to permit the Company
to file a timely and accurate Annual Report on Form 10-K for its year ended
December 31, 2019 by the prescribed date without undue hardship and expense to
the Company. The Company anticipates that it will be able to file its Annual
Report on Form 10-K for the year ended December 31, 2019 on or before May 14,
2020.
COVID-19 Risk Factor
The Company is supplementing the risk factors previously disclosed in its most
recent periodic reports filed under the Securities Exchange Act of 1934 with the
following risk factor:
Our financial and operating performance is adversely affected by the coronavirus
pandemic.
The recent outbreak of a strain of coronavirus (COVID-19) in the U.S. has had an
unfavorable impact on our business operations. Mandatory closures of businesses,
imposed by the federal, state and local governments to control the spread of the
virus has resulted in an extended closure of our headquarters and lab facility
in Yonkers, New York, which implemented a 75% staff reduction on March 16, 2020
and closed entirely on March 23, 2020, disrupting the operations of our
management, business and finance teams. If our headquarters and lab facility are
not able to continue operations for an extended period, we cannot assure you
that we will continue to have sufficient resources or liquidity to operate our
business or that we will be able to continue to advance our technology for the
production of highly-pure lithium, or continue our efforts to commercialize such
technology. In addition, the COVID-19 outbreak has adversely affected the U.S.
economy and financial markets, which may result in a long-term economic downturn
that could negatively affect future demand for our technology or our ability to
commercialize products based on that technology. The extent to which COVID-19
will impact our business and our consolidated financial results will depend on
future developments which are highly uncertain and cannot be predicted at the
time of the filing of this Form 8-K, but is expected to result in a material
adverse impact on our business, results of operations and financial condition.
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