Company Update

Securities and Exchange Commission (the "SEC") on March 25, 2020 (which extended and superseded a prior order issued on March 4, 2020), pursuant to Section 36 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (Release No. 34-88465) which allows for the delay of certain filings required under the Exchange Act. In reliance upon the Order, the Company expects to file its Annual Report no later than July 13, 2020, which is 45 days after the original due date of the Annual Report.   The Company is unable to timely file its Annual Report due to COVID-19 related disruptions impeding its employees’ ability to complete the Company's financial statements and respond to data requests from its auditors and impeding the auditor's ability to conduct and complete their audit procedures. The Company is relying on the Order to afford its employees the additional time, amid the COVID-19 pandemic, to provide accurate and fully reviewed information for the Annual Report and to afford its auditors the additional time, amid the COVID-19 pandemic, to conduct and complete their audit procedures.   The Company is supplementing the risk factors previously disclosed in the Company’s prior SEC filings with the following risk factor:   The COVID-19 pandemic may have a material adverse effect on our business, cash flows and results of operations.   On January 30, 2020, the World Health Organization (“WHO”) declared a global emergency due to the COVID-19 pandemic, on March 11, 2020 the WHO declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The outbreak has resulted in significant governmental measures being implemented to control the spread of COVID-19, including, among others, restrictions on travel, business operations and the movement of people in many regions of the world in which the Company operates, and the imposition of shelter-in-place or similarly restrictive work-from-home orders. As an essential business, the Company was not subject to most of the aforementioned restrictions (other than implementing travel restrictions on its employees) and other than the audit-related impacts noted above has experienced minimal impact from COVID-19 to date.   The COVID-19 pandemic and its potential effects on the Company’s business in its fiscal 2021 year remain dynamic, and the broader implications for its business and results of operations could change. These implications could include disruptions or restrictions on the Company’s ability to source, manufacture or distribute its products, including temporary disruptions to the facilities of its suppliers globally. Additionally, multiple countries have imposed and may further impose restrictions on business operations and movement of people and products to limit the spread of COVID-19. Delays in production or delivery of components or raw materials that are part of the Company’s global supply chain due to restrictions imposed to limit the spread of COVID-19 could delay or inhibit its ability to obtain the supply of components and finished goods. If COVID-19 becomes more prevalent in the locations where the Company, its customers or suppliers conduct business, or the Company experiences disruptions in its operations, the Company may experience constrained supply or curtailed demand that may materially adversely impact its business and results of operations. The COVID-19 pandemic and its global economic impact may also impact the timing or amount of government appropriations and could lead to our government customers or their prime contractors requesting delays, price renegotiations or contract terminations. In addition, any other widespread health crisis that could adversely affect global and regional economies, financial markets and overall demand environment for the Company's products could have a material adverse effect on the Company’s business, cash flows or results of operations.         SIGNATURES     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.     SOLITRON DEVICES, INC.           Date: May 29, 2020 By:   /s/ Tim Eriksen       Tim Eriksen       Chief Executive Officer and Interim Chief Financial Officer