The following risk factors are in addition to the risks described in the Company’s Form 10-K under Item 1A, “Risk Factors” for its fiscal year ended December 31, 2019 and in its subsequent periodic reports filed with the SEC pursuant to the Securities Exchange Act of 1934, as amended.
+Added: The information included in the "Risk Factors" section of the First Quarter Form 10-Q is incorporated by reference herein.
+Added: However, the risks and uncertainties that we face are not limited to those set forth in the 2019 Form 10-K, as supplemented and updated in the First Quarter Form 10-Q.
+Added: Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business and the trading price of our securities, particularly in light of the fast-changing nature of the COVID-19 pandemic, containment measures, the potential for future waves of outbreaks and the related impacts to economic and operating conditions.
The effects of the events and circumstances described in the following risk factors may have the additional effect of heightening many of the risks contained in the Company’s Form 10-K and other periodic reports.
−Removed: The COVID-19 pandemic is negatively impacting the Company’s business currently.
−Removed: Additional factors could exacerbate such negative consequences and/or cause other negative effects.
−Removed: While the COVID-19 pandemic did not materially affect the Company’s financial results and business operations in the Company’s first fiscal quarter ended March 31, 2020, economic and health conditions in the United States and across most of the globe have changed rapidly since the end of the quarter.
+Added: The COVID-19 pandemic has had a negative impact on our revenue levels, which we expect to continue for the rest of the year.
+Added: Our revenue is highly correlated to securities markets, and we expect that our assets under management and revenue levels will be negatively impacted, on an incremental basis, by the effect of the COVID-19 pandemic on securities markets.
+Added: While the COVID-19 pandemic did not materially affect the Company’s financial results and business operations in the Company’s first fiscal quarter ended March 31, 2020, economic and health conditions in the United States and across most of the globe have changed rapidly since the end of the first quarter, which has led to increased volatility and uncertainty in securities markets in the United States and across the globe.
+Added: As a result, the COVID-19 pandemic affected our operations in the second quarter ended June 30, 2020, continues to affect our operations in the third quarter of 2020, and may continue to do so indefinitely thereafter.
While demand for the Company’s services continues given the current capital markets and overall economic environment, such demand may not continue and demand may decrease from historical levels depending on the duration and severity of the COVID-19 pandemic, the length of time it takes for normal economic and operating conditions to resume, additional governmental actions that may be taken and/or extensions of time for restrictions that have been imposed to date, and numerous other uncertainties.
Such events may result in business disruption, reduced earnings and operations, any of which could materially affect our business, financial condition, and results of operations.
+Added: The transmission of COVID-19 and efforts to contain its spread have resulted in border closings and other travel restrictions and significant disruptions to business operations, supply chains and customer activity, including event cancellations and restrictions, service cancellations and wide-spread quarantines.
+Added: These impacts and the uncertainty around the future impact of COVID-19, including the extent and duration of the impact on economies around the world, have caused significant volatility and declines in the global financial markets, which are expected to continue to result in business disruptions, reduced earnings and operations, which could materially affect our business, financial conditions and results of operations.
+Added: During the three months ended March 31, 2020, our revenues were not significantly impacted by the effects of COVID-19 on the financial markets primarily as a result of our advance billing structure;
+Added: however, our revenues for the three months ended June 30, 2020 and subsequent periods have and will continue to be impacted by the effects of COVID-19 on the financial markets.
+Added: See also Part I Item 2.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The ability of the Company’s employees to work may be significantly impacted by the coronavirus.
9 unchanged sentences
The full effects of the COVID-19 pandemic are highly uncertain and cannot be predicted.
−Removed: The COVID-19 pandemic is affecting the Company’s operations in the second quarter, and may continue to do so indefinitely thereafter.
+Added: The COVID-19 pandemic affect ed the Company’s operations in the second quarter, is affecting the Company’s operations in the third quarter, and may continue to do so indefinitely thereafter.
The Company is continuously monitoring its own operations and intends to take appropriate actions to mitigate the risks arising from the COVID-19 pandemic to the best of its abilities, but there can be no assurances that the Company will be successful in doing so.
2 unchanged sentences
The ultimate extent of the effects of the COVID-19 pandemic on the Company is highly uncertain and will depend on future developments which cannot be predicted.
+Added: Eighth Amendment to Credit Agreement, dated as of June 19, 2020, among Silvercrest Asset Management Group LLC, Silvercrest Investors LLC, Silvercrest Investors II LLC and Silvercrest Financial Services, Inc., as borrowers, City National Bank, a national banking association, and acknowledged by Silvercrest L.P., as guarantor, initially filed as exhibit 4.1 on Form 8-K with the Securities and Exchange Commission on June 19, 2020 and incorporated herein by reference.
+Added: Amendment to Restricted Stock Unit Award Agreement among Silvercrest Asset Management Group Inc.
+Added: Dunn, dated July 28, 2020.
+Added: Employment agreement with J.
+Added: Allen Gray dated July 29, 2020.
Certification of the Company’s Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13 unchanged sentences
Furnished herewith
−Removed: Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, state of New York, on April 30, 2020.
+Added: Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, state of New York, on August 3, 2020.
Silvercrest Asset Management Group Inc.
/s/ Richard R.
−Removed: April 30, 2020
+Added: August 3, 2020
Chairman, Chief Executive Officer and President
(Principal Executive Officer)
−Removed: April 30, 2020
+Added: August 3, 2020
Chief Financial Officer
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.