Trimble expects to restart stock repurchase program ‘as soon as practicable’

In a regulatory filing, Trimble (TRMB) said that the previously disclosed assessment of its internal controls over financial reporting by management and Ernst & Young LLP, the company’s independent registered public accounting firm, is nearing completion. The company expects to file its amended Annual Report on Form 10-K for the year ended December 29, 2023, originally filed with the SEC on February 26, 2024, and its Quarterly Reports on Form 10-Q for the first quarter ended March 29, 2024, the second quarter ended June 28, 2024 and the third quarter ended September 27, 2024, respectively, with the SEC, in approximately two weeks. The company expects to regain compliance with Nasdaq Listing Rule 5250(c)(1), which requires companies with securities listed on The Nasdaq Stock Market LLC to timely file all required periodic reports with the SEC, upon submission of these filings and receipt of a letter from Nasdaq, informing the company that it has regained compliance with the Listing Rule. Based on the substantial work to date, management has not identified any errors that would result in a restatement to the consolidated financial statements for the periods presented in the 2023 10-K, or for any previously released financial results. Furthermore, EY has not withdrawn its audit report on the financial statements included in the 2023 10-K. Additionally, the material weaknesses have not changed from those previously disclosed in the Current Report on Form 8-K filed with the SEC on September 27, 2024 and the Notification of Late Filing on Form 12b-25 filed with the SEC on August 7, 2024. As a result, no changes are expected to be made to the financial statements included in the 2023 10-K. In light of the substantial completion of the assessment, the company expects to restart its common stock repurchase program as soon as practicable. Shares of common stock may be repurchased from time to time, through accelerated share repurchase programs, open market transactions, privately-negotiated transactions, block purchases, tender offers or other means.