Quarantine materially affecting Natuzzi’s reporting

Published:  03 April, 2020

The premium leather furniture manufacturer said it intends to rely on the relief provided by the Securities and Exchange Commission (SEC) Order in connection with the filing of its Annual Report for the fiscal year ended December 31, 2019.

Natuzzi said that because the Company is headquartered in Santeramo in Colle, Bari, Italy, it is subject to the quarantine imposed by the Italian government in response to the COVID-19 outbreak, which includes restrictions on domestic and international travel, restrictions on public gatherings, and a general “stay at home” order for the Italian population. The manufacturer said the quarantine has materially restricted its ability to access the Company’s premises and records and, consequently, it cannot ensure that all activities required to finalise the Company’s consolidated financial statements can be completed within the original deadline.

Natuzzi also said that part of the measures adopted by the Italian government in response to the COVID-19 outbreak (art. 106 of the Decree n. 18 of March 17, 2020) overrides certain shareholder meeting requirements set forth in the Company’s by-laws and the Italian Civil Code. In accordance with the Italian Order, the company said it intends to call a shareholder meeting to approve its financial statements for the year ended December 31, 2019 no later than 180 days after December 31, 2019.

In reliance on the SEC Order, Nattuzzi expects to file its annual report on Form 20-F for the financial year ended December 31, 2019 no later than 45 days after April 30, 2020.