Flux Power Holdings, Inc. - FLUX STOCK NEWS

Flux Power Holdings (NASDAQ: FLUX) announced that Chairman and CEO Ron Dutt plans to retire after 12 years of service. The Board of Directors has initiated a comprehensive succession plan with a national search firm to identify the next CEO. Dutt will remain in his roles until a successor is appointed and through the transition period.

Under Dutt's leadership, Flux Power evolved from a pre-revenue startup to a recognized provider of lithium-ion energy storage solutions for motive lift and ground support equipment markets. The company notably developed the market-penetrating lithium-ion battery pack for high-volume 'walkie' pallet jacks.

Flux Power Holdings (NASDAQ: FLUX) provided an update on its restatement process and SEC filings. The company identified approximately $4.9 million in adjustments, including $4.4 million in noncash inventory write-downs and $0.5 million in warranty-related items. These adjustments, stemming from excess and obsolete inventory due to product innovation, will impact multiple quarters across multiple years. Flux is restating financial statements for fiscal year 2023 and interim periods of 2024. The company has completed its internal review and is working with auditors to file the restated reports, followed by the Q1 2025 10-Q filing.

Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions, has received a non-compliance letter from Nasdaq on October 16, 2024. The letter states that Flux Power is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to not timely filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

This notification does not immediately affect the listing of Flux Power's common stock on Nasdaq. The company has 60 calendar days to submit a compliance plan to Nasdaq. If accepted, Flux Power may receive up to 180 days from the original due date to file the Form 10-K and regain compliance. If rejected, Flux Power can appeal to a Nasdaq Hearings Panel. The company is working to complete and file its Form 10-K promptly to regain compliance with the Listing Rule.

Flux Power Holdings, Inc. (NASDAQ: FLUX) has announced a strategic partnership with a leading forklift OEM to launch a private label battery program. This collaboration showcases Flux Power's S-Series line, which now includes products with UL Type EE certification, meeting stringent industry demands. The partnership aims to accelerate the adoption of clean energy solutions in the material handling industry.

Key benefits of the S-Series UL Type EE Certified Batteries include:

• Enhanced safety for hazardous environments
• Superior performance with reliable, high-performance energy storage
• Environmental sustainability by replacing traditional lead acid batteries

Flux Power Holdings, Inc. (NASDAQ: FLUX) has announced a $1.7 million write-down of excess and obsolete inventory, necessitating a restatement of previously issued financial statements for fiscal year 2023 and interim periods of fiscal year 2024. This non-cash charge is primarily attributed to product innovation and design during a period of rapid growth. The company's $16 million revolving credit facility with Gibraltar Business Capital is expected to remain available, subject to meeting lending criteria. CEO Ron Dutt emphasized that these findings should not impact the business's strength, capital access, or positive outlook. Flux Power is implementing enhanced procedures and quality checks to prevent recurrence of inventory accounting issues as they transition to more advanced energy cells.

Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions, has announced a new partnership to enhance the recycling process for end-of-life lithium-ion batteries. This collaboration is with the largest critical battery components recycling company in the U.S., focusing on creating a circular supply chain for electric vehicles and clean energy products.

The partnership aims to make batteries more sustainable and reduce costs by increasing the use of recycled and sustainable materials. Flux Power's existing recycling initiative responsibly decommissions returned battery packs, recycling components such as electronics, wires, cables, sheet metal, and LFP lithium-ion cells and modules.

This new collaboration marks a significant step in Flux Power's sustainability efforts, supporting a closed-loop supply chain and contributing to global electrification efforts. The partnership underscores Flux Power's commitment to helping customers reduce their carbon footprint and improve their Environmental, Social, and Governance (ESG) performance.

Flux Power Holdings, Inc. (NASDAQ: FLUX) has announced OEM approval for its new L36 battery pack designed for Class 1 3-Wheel Counterbalance forklifts. The L36 comes in 630 Ah and 840 Ah capacity options and features integrated heaters, cooling, and a battery management system. This UL 2580 Listed pack is optimized for heavy-duty applications and includes Flux Power's patented SkyBMS telematics.

CEO Ron Dutt emphasized that this approval validates Flux Power's efforts in providing high-performance lithium-ion battery solutions that meet industry standards. The company aims to support the material handling industry's transition from internal combustion to electric power with their plug-and-play battery packs. Flux Power is also launching a new private label program for another top Forklift OEM this quarter.

Flux Power (NASDAQ: FLUX) will host an investor day on August 7, 2024, from 9:15 AM to 1:15 PM PT at its manufacturing facility in Vista, California. The event will feature CEO Ron Dutt and CFO Kevin Royal, who will present on the company's advancements in lithium-ion technology, growth strategies, and new products. Attendees will tour the 64,000 sq. ft. facility, observing recent manufacturing improvements and new production lines. Highlights include the new M36-G2 and X48-G2 battery packs and the M24 onboard integrated charger. Space is and registration is required.

Flux Power Holdings (NASDAQ: FLUX) will present at the iAccess Alpha Best Ideas Summer Conference, held virtually from June 25-26, 2024.

CEO Ron Dutt and CFO Kevin Royal will participate in virtual one-on-one meetings to discuss the company's expanding sales and marketing initiatives, product line diversification, distribution network, and developing partnerships.

The presentation is scheduled for June 25, 2024, at 12:30 pm ET.

For more information, contact your conference representative or email FLUX@mzgroup.us.