Flux Power Receives Non-Compliance Letter from Nasdaq
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), sviluppatore di soluzioni avanzate di accumulo di energia agli ioni di litio, ha ricevuto una lettera di non conformità da Nasdaq il 16 ottobre 2024. La lettera indica che Flux Power non è conforme alla Regola di Quotazione 5250(c)(1) di Nasdaq a causa di non aver presentato tempestivamente il proprio Rapporto Annuale sul Modulo 10-K per l'anno fiscale conclusosi il 30 giugno 2024.
Questa comunicazione non influisce immediatamente sulla quotazione delle azioni ordinarie di Flux Power su Nasdaq. L'azienda ha 60 giorni di calendario per presentare un piano di conformità a Nasdaq. Se accettato, Flux Power potrebbe avere fino a 180 giorni dalla data di scadenza originale per presentare il Modulo 10-K e riconquistare la conformità. Se rifiutato, Flux Power può fare appello a un Comitato di Audizioni di Nasdaq. L'azienda sta lavorando per completare e presentare tempestivamente il proprio Modulo 10-K per riportarsi in conformità con la Regola di Quotazione.
Flux Power Holdings, Inc. (NASDAQ: FLUX), un desarrollador de soluciones avanzadas de almacenamiento de energía de iones de litio, ha recibido una carta de no cumplimiento de Nasdaq el 16 de octubre de 2024. La carta indica que Flux Power no cumple con la Regla de Cotización 5250(c)(1) de Nasdaq debido a no haber presentado a tiempo su Informe Anual en el Formulario 10-K para el año fiscal que terminó el 30 de junio de 2024.
Esta notificación no afecta inmediatamente la cotización de las acciones ordinarias de Flux Power en Nasdaq. La empresa tiene 60 días calendario para presentar un plan de cumplimiento a Nasdaq. Si es aceptado, Flux Power puede recibir hasta 180 días desde la fecha de vencimiento original para presentar el Formulario 10-K y recuperar el cumplimiento. Si es rechazado, Flux Power puede apelar ante un Panel de Audiencias de Nasdaq. La empresa está trabajando para completar y presentar su Formulario 10-K de manera pronta para recuperar el cumplimiento con la Regla de Cotización.
Flux Power Holdings, Inc. (NASDAQ: FLUX), 첨단 리튬 이온 에너지 저장 솔루션 개발업체, 는 2024년 10월 16일 나스닥으로부터 비준수 서한을 받았습니다. 이 서한은 Flux Power가 2024년 6월 30일 종료된 회계 연도에 대한 10-K 양식의 연례 보고서를 적시에 제출하지 않아 나스닥 상장 규칙 5250(c)(1)에 부합하지 않음을 알립니다.
이 통지는 즉시 Flux Power의 보통주 상장에 영향을 미치지 않습니다. 이 회사는 나스닥에 준수 계획을 제출할 수 있는 60일의 기간을 갖고 있습니다. 승인될 경우 Flux Power는 원래 기한으로부터 최대 180일의 시간을 주어 10-K 양식을 제출하고 준수를 회복할 수 있습니다. 반대로, 거부될 경우 Flux Power는 나스닥 청문회 패널에 항소할 수 있습니다. 회사는 상장 규칙에 대한 준수를 회복하기 위해 10-K 양식을 신속하게 완료하고 제출하기 위해 노력하고 있습니다.
Flux Power Holdings, Inc. (NASDAQ: FLUX), un développeur de solutions avancées de stockage d'énergie au lithium-ion, a reçu une lettre de non-conformité de Nasdaq le 16 octobre 2024. La lettre indique que Flux Power n'est pas en conformité avec la Règle de Cotation 5250(c)(1) de Nasdaq en raison de la non-délivrance en temps voulu de son Rapport Annuel sur le Formulaire 10-K pour l'exercice fiscal se terminant le 30 juin 2024.
Cette notification n'affecte pas immédiatement la cotation de l'action ordinaire de Flux Power sur Nasdaq. La société a 60 jours calendaires pour soumettre un plan de conformité à Nasdaq. Si accepté, Flux Power pourrait obtenir jusqu'à 180 jours à partir de la date limite initiale pour soumettre le Formulaire 10-K et retrouver la conformité. En cas de refus, Flux Power peut faire appel à un Panel d'Audition de Nasdaq. L'entreprise s'efforce de compléter et de soumettre rapidement son Formulaire 10-K pour retrouver la conformité avec la Règle de Cotation.
Flux Power Holdings, Inc. (NASDAQ: FLUX), ein Entwickler fortschrittlicher Lithium-Ionen-Energiespeicherlösungen, hat am 16. Oktober 2024 ein Schreiben über die Nichteinhaltung von Nasdaq erhalten. Das Schreiben besagt, dass Flux Power nicht mit der Nasdaq-Notierungsregel 5250(c)(1) übereinstimmt, da der Jahresbericht auf Formular 10-K nicht rechtzeitig eingereicht wurde für das am 30. Juni 2024 endende Geschäftsjahr.
Diese Mitteilung hat keinen sofortigen Einfluss auf die Notierung der Stammaktien von Flux Power an der Nasdaq. Das Unternehmen hat 60 Kalendertage Zeit, um einen Einhaltungsplan bei Nasdaq vorzulegen. Wenn akzeptiert, kann Flux Power bis zu 180 Tage nach dem ursprünglichen Fälligkeitsdatum erhalten, um das Formular 10-K einzureichen und die Konformität wiederherzustellen. Wenn abgelehnt, kann Flux Power vor einem Nasdaq-Hearing-Panel Berufung einlegen. Das Unternehmen arbeitet daran, sein Formular 10-K schnellstmöglich zu vervollständigen und einzureichen, um die Konformität mit der Notierungsregel wiederherzustellen.
- None.
- Received non-compliance letter from Nasdaq
- Failed to timely file Annual Report on Form 10-K
- Risk of potential delisting from Nasdaq if compliance is not regained
Insights
The receipt of a non-compliance letter from Nasdaq is a significant development for Flux Power Holdings. This situation arises from the company's failure to file its Annual Report (Form 10-K) for the fiscal year ended June 30, 2024, on time. While there's no immediate impact on the stock listing, it raises concerns about the company's financial reporting processes.
Flux Power now faces a critical 60-day window to submit a compliance plan to Nasdaq. If accepted, they could receive up to 180 days to file the overdue 10-K. The company's statement about working diligently to file the report is standard in these situations, but investors should be cautious.
This delay in financial reporting could indicate underlying issues such as accounting complexities, internal control weaknesses, or resource constraints. It may also impact investor confidence and potentially affect the company's ability to raise capital in the short term. For a small-cap company like Flux Power, with a market cap of just
This notification has no immediate effect on the listing of the Company’s common stock on the Nasdaq. Under the Nasdaq rules, the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Company is working diligently to complete its Form 10-K and plans to file its Form 10-K as promptly as practicable to regain compliance with the Listing Rule.
About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities law. Forward-looking statements are statements that are not historical facts. Words and phrases such as “anticipated,” “forward,” “will,” “would,” “could,” “may,” “intend,” “remain,” “potential,” “prepare,” “expected,” “believe,” “plan,” “seek,” “continue,” “estimate,” “and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the expected filing date of its Form 10-K and ability to regain compliance under the Nasdaq listing rule. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Such risks and uncertainties include, but are not limited to, the completion of the review and preparation of the Company’s financial statements and internal control over financial reporting and disclosure controls and procedures and the timing thereof; the discovery of additional information; delays in the Company’s financial reporting, including as a result of unanticipated factors; the Company’s ability to obtain necessary waivers or amendments to the Loan Agreement in the future; the risk that the Company may become subject to future litigation; the Company’s ability to remediate material weaknesses in its internal control over financial reporting; risks inherent in estimates or judgments relating to the Company’s critical accounting policies, or any of the Company’s estimates or projections, which may prove to be inaccurate; unanticipated factors in addition to the foregoing that may impact the Company’s financial and business projections and guidance and may cause the Company’s actual results and outcomes to materially differ from its estimates, projections and guidance; and those risks and uncertainties identified in the “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended June 30, 2023, and its other subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
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Media & Investor Relations:
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info@fluxpower.com
External Investor Relations:
Chris Tyson, Executive Vice President
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949-491-8235
FLUX@mzgroup.us
www.mzgroup.us
Source: Flux Power Holdings, Inc.
FAQ
Why did Flux Power (FLUX) receive a non-compliance letter from Nasdaq?
What is the deadline for Flux Power (FLUX) to submit a compliance plan to Nasdaq?
Will Flux Power (FLUX) be immediately delisted from Nasdaq due to the non-compliance letter?
How long does Flux Power (FLUX) have to file its Form 10-K and regain compliance?
