EX-99.1 2 taitex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

TAITRON ANNOUNCES VOLUNTARY NASDAQ DELISTING, CFO RESIGNATION AND THIRD QUARTER 2025 RESULTS

 

Notice of Plan to Voluntary Delist from Nasdaq and Deregister its Common Stock

 

LOS ANGELES, California – November 14, 2025 – Taitron Components Incorporated (NASDAQ:TAIT) announces the Company will voluntarily delist its common stock from The Nasdaq Stock Market (“Nasdaq”) and, based upon ownership of its shares by fewer than 300 holders of record, deregister its common stock under the Securities Exchange Act of 1934 and suspend its public reporting obligations.

 

Our Board of Directors concluded that the costs of maintaining the Nasdaq listing and remaining a public reporting company, including costs of compliance, the demands on management time and the Company resources required to maintain its listed and registered status, outweigh the benefits to the Company and its stockholders of continued Nasdaq listing and SEC reporting.

 

The Company will file a Form 25 with the Securities and Exchange Commission on or about November 24, 2025, and the Nasdaq delisting is expected to become effective on or about December 4, 2025, at which time trading on Nasdaq will cease. The common stock may thereafter be eligible for quotation on the Pink tier of OTC Markets Group if market makers commit to making a market in the Company’s shares. The Company can provide no assurance that trading in its common stock will continue on the OTC Markets Group or otherwise. After the Nasdaq delisting becomes effective, the Company will file a Form 15 with the Securities and Exchange Commission on or about December 8, 2025, at which time the Company anticipates that its obligation to file periodic reports under the Exchange Act, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, will be suspended, and that all requirements associated with being an Exchange Act-registered company, including the requirement to file current and periodic reports, will terminate permanently 90 days thereafter.

 

Departure of Chief Financial Officer

 

On November 10, 2025, David Vanderhorst resigned as Chief Financial Officer and Secretary of the Company, effective immediately. Mr. Vanderhorst will remain an employee of the Company, serving as the Company’s Controller. The Company’s President and Chief Executive Officer, Stewart Wang, has assumed the duties of principal financial officer and principal accounting officer of the Company.

 

Third Quarter 2025 Results

 

On November 14, 2025 –the Company announced its Third Quarter 2025 results.

 

 

 

 

TAITRON COMPONENTS INCORPORATED

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2025   2024   2025   2024 
                 
Net product revenue  $529,000   $1,187,000   $2,778,000   $3,374,000 
Cost of products sold   202,000    635,000    1,109,000    1,664,000 
Gross profit   327,000    552,000    1,669,000    1,710,000 
                     
Selling, general and administrative expenses   516,000    530,000    1,651,000    1,683,000 
Restructuring and severance expenses   -    -    1,680,000    - 
Operating income (loss)   (189,000)   22,000    (1,662,000)   27,000 
                     
Interest income, net   54,000    68,000    158,000    223,000 
Other income (expense), net   77,000    163,000    841,000    976,000 
Income (loss) before income taxes   (58,000)   253,000    (663,000)   1,226,000 
                     
Income tax provision   -    (8,000)   (8,000)   (23,000)
                     
Net income (loss)  $(58,000)  $245,000   $(671,000)  $1,203,000 
                     
Net income (loss) per share: Basic  $(0.01)  $0.04   $(0.11)  $0.20 
Diluted  $(0.01)  $0.04   $(0.11)  $0.20 
                     
Weighted average shares outstanding: Basic   6,021,180    6,021,180    6,021,180    6,021,180 
Diluted   6,021,180    5,999,180    6,021,180    6,011,180 
                     
Cash dividends declared per common share  $0.035   $0.050   $0.135   $0.150 
                     
Net income (loss)  $(58,000)  $245,000   $(671,000)  $1,203,000 
Other comprehensive income (loss):                    
Foreign currency translation adjustment   5,000    36,000    (19,000)   8,000 
Comprehensive income (loss)   (53,000)   281,000    (690,000)   1,211,000 

 

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TAITRON COMPONENTS INCORPORATED

Condensed Consolidated Balance Sheets

 

   September 30,   December 31, 
   2025   2024 
  (Unaudited)     
Assets        
Current assets:        
Cash and cash equivalents  $3,960,000   $4,208,000 
Accounts receivable, less allowances of $7,000   445,000    421,000 
Short-term investments (Note 2)   5,929,000    5,179,000 
Inventories, less reserves for obsolescence of $5,161,000, and $5,152,000, respectively (Note 3)   2,098,000    2,949,000 
Prepaid expenses and other current assets (Note 4)   227,000    308,000 
Total current assets   12,659,000    13,065,000 
Property and equipment, net   2,883,000    3,029,000 
Deferred taxes   1,543,000    1,542,000 
Total assets  $17,085,000   $17,636,000 
           
Liabilities and Equity          
Current liabilities:          
Accounts payable  $492,000   $251,000 
Accrued liabilities   275,000    822,000 
Accrued restructuring reserve   1,256,000    - 
Total current liabilities   2,023,000    1,073,000 
           
Commitments and contingencies (Note 6)          
           
Equity:          
Shareholders’ equity:          
Preferred stock, $0.001 par value. Authorized 5,000,000 shares; None issued or outstanding   -    - 
Class A common stock, $0.001 par value. Authorized 20,000,000 shares; 5,258,568 shares issued and outstanding   5,000    5,000 
Class B common stock, $0.001 par value. Authorized, issued and outstanding 762,612 shares   1,000    1,000 
Additional paid-in capital   11,486,000    11,484,000 
Accumulated other comprehensive loss   (68,000)   (49,000)
Retained earnings   3,638,000    5,122,000 
Total equity   15,062,000    16,563,000 
Total liabilities and equity  $17,085,000   $17,636,000 

 

Safe Harbor Statement

 

Statements contained in the exhibit to this report that state the Company’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could affect those results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission.

 

CONTACTS:

 

Taitron Components Incorporated

 

Stewart Wang – T: 661-257-6060

 

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