SPI Energy Announces Receipt of Nasdaq Delist Determination Notice
SPI Energy (NASDAQ:SPI) has received a delisting notice from Nasdaq due to two major compliance issues. First, the company failed to maintain the minimum bid price requirement under Rule 5550(a)(2). Second, it failed to file its Form 10-K for December 2023 and Forms 10-Q for March and June 2024 periods by the October 14, 2024 deadline.
The company has submitted a hearing request before the Nasdaq Hearings Panel, which typically occurs 30-45 days after the request. While the delisting notice has no immediate effect on SPI's listing status, the company must address these compliance issues and follow the Panel hearing procedures to maintain its listing.
SPI Energy (NASDAQ:SPI) ha ricevuto un avviso di delisting da Nasdaq a causa di due importanti problemi di conformità. In primo luogo, l'azienda non è riuscita a mantenere il requisito del prezzo minimo per le offerte, previsto dalla Regola 5550(a)(2). In secondo luogo, non ha presentato il proprio Modulo 10-K per dicembre 2023 e i Moduli 10-Q per i periodi di marzo e giugno 2024 entro la scadenza del 14 ottobre 2024.
L'azienda ha presentato una richiesta di udienza davanti al Nasdaq Hearings Panel, che di solito si svolge 30-45 giorni dopo la richiesta. Sebbene l'avviso di delisting non abbia effetti immediati sullo stato di quotazione di SPI, l'azienda deve affrontare questi problemi di conformità e seguire le procedure di udienza del Panel per mantenere la sua quotazione.
SPI Energy (NASDAQ:SPI) ha recibido un aviso de deslistado por parte de Nasdaq debido a dos importantes problemas de cumplimiento. Primero, la compañía no logró mantener el requisito de precio mínimo de oferta bajo la Regla 5550(a)(2). Segundo, no presentó su Formulario 10-K para diciembre de 2023 y los Formularios 10-Q para los períodos de marzo y junio de 2024 antes de la fecha límite del 14 de octubre de 2024.
La empresa ha presentado una solicitud de audiencia ante el Nasdaq Hearings Panel, que normalmente ocurre 30-45 días después de la solicitud. Aunque el aviso de deslistado no tiene efecto inmediato sobre el estado de cotización de SPI, la compañía debe abordar estos problemas de cumplimiento y seguir los procedimientos de audiencia del Panel para mantener su cotización.
SPI Energy (NASDAQ:SPI)는 두 가지 주요 준수 문제로 인해 나스닥에서 상장 폐지 통보를 받았습니다. 첫째, 회사는 규칙 5550(a)(2)에 따른 최소 입찰 가격 요건을 충족하지 못했습니다. 둘째, 2023년 12월의 10-K 양식과 2024년 3월 및 6월 기간의 10-Q 양식을 2024년 10월 14일 마감일까지 제출하지 않았습니다.
회사는 나스닥 청문회 패널에 청문회 요청을 제출했으며, 이는 일반적으로 요청 후 30-45일 이내에 이루어집니다. 상장 폐지 통보는 SPI의 상장 상태에 즉각적인 영향을 미치지 않지만, 회사는 이러한 준수 문제를 해결하고 상장을 유지하기 위해 패널 청문회 절차를 따라야 합니다.
SPI Energy (NASDAQ:SPI) a reçu un avis de radiation de la part de Nasdaq en raison de deux problèmes majeurs de conformité. Tout d'abord, l'entreprise n'a pas réussi à respecter l'exigence de prix d'offre minimum selon la règle 5550(a)(2). Deuxièmement, elle n'a pas déposé son formulaire 10-K pour décembre 2023 ni ses formulaires 10-Q pour les périodes de mars et juin 2024 avant la date limite du 14 octobre 2024.
L'entreprise a soumis une demande d'audience devant le Nasdaq Hearings Panel, qui a généralement lieu 30 à 45 jours après la demande. Bien que l'avis de radiation n'ait pas d'effet immédiat sur le statut de cotation de SPI, l'entreprise doit résoudre ces problèmes de conformité et suivre les procédures d'audience du panel pour maintenir sa cotation.
SPI Energy (NASDAQ:SPI) hat eine Aufforderung zur Delistierung von Nasdaq erhalten, die aufgrund von zwei wesentlichen Compliance-Problemen erfolgt ist. Erstens hat das Unternehmen es versäumt, die Mindestanforderungen für den Angebotspreis gemäß Regel 5550(a)(2) aufrechtzuerhalten. Zweitens hat es versäumt, das Formular 10-K für Dezember 2023 sowie die Formulare 10-Q für die Zeiträume März und Juni 2024 bis zur Frist am 14. Oktober 2024 einzureichen.
Das Unternehmen hat einen Antrag auf Anhörung beim Nasdaq Hearings Panel gestellt, die normalerweise 30–45 Tage nach der Anfrage stattfindet. Obwohl die Aufforderung zur Delistierung keine sofortigen Auswirkungen auf den Listing-Status von SPI hat, muss das Unternehmen diese Compliance-Probleme angehen und die Verfahren des Panel-Anhörungsverfahrens einhalten, um seine Listung aufrechtzuerhalten.
- Company still maintains listing status temporarily pending appeal
- Opportunity to present case before Nasdaq Hearings Panel
- Failed to maintain minimum bid price requirement
- Failed to file Form 10-K for 2023 and Forms 10-Q for Q1 and Q2 2024
- Risk of immediate delisting from Nasdaq Capital Market
- Multiple compliance violations increasing delisting risk
Insights
The Nasdaq delisting notice represents a significant red flag for SPI Energy. The company faces multiple compliance issues: failure to maintain the minimum bid price requirement and delinquent financial filings for multiple periods, including the 2023 annual report and two quarterly reports in 2024. These issues indicate severe underlying financial and operational challenges.
While the company has requested a hearing, which temporarily delays the delisting, the multiple compliance failures suggest deeper problems. The missing financial reports are particularly concerning as they leave investors without important information about the company's performance and financial health. Trading could be suspended within 15 days unless a stay is granted, significantly impacting liquidity and shareholder value.
The combination of reporting delays and minimum bid price issues often precedes more serious financial difficulties. Investors should exercise extreme caution given these regulatory compliance failures and the lack of transparency into the company's current financial position.
/ ACCESSWIRE / October 23, 2024 / MCCLELLAN PARK, CA / ACCESSWIRE / October 23, 2024 / SPI Energy Co., Ltd. (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage solutions for business, residential, government, logistics and utility customers, today announced that it previously received a letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") issuing a Staff determination (the "Staff Determination" and such letter, the "Letter"). The Staff Determination noted that as the Company had not regained compliance with the Listing Rule 5550(a)(2) within the period as prescribed by the Staff, its securities will be delisted from the Nasdaq Capital Market.
Separately, the Staff Determination also noted that the Company did not meet the terms of the exception for demonstrating compliance with Nasdaq Listing Rule 5250(c)(1) ("Filing Rule") which requires the timely filing of all required periodic reports with the SEC. Specifically in this regard, the Staff Determination noted that the Company's failure in filing its Form 10-K for the period ended December 31, 2023 and its Form 10-Q for the periods ended March 31, 2024 and June 30, 2024 (the "Forms 10-Q") by October 14, 2024 within the period as permitted by Nasdaq, each serve as separate and additional bases for the delisting of the Company's securities from Nasdaq, and that the Company should address these concerns before the Nasdaq Hearings Panel (the "Panel") if it appeals the Staff Determination.
The Letter notified the Company that it may appeal the Staff's determination to the Panel by 4:00 ET on October 22, 2024. The Company has accordingly submitted a request for hearing before the Panel.
The Staff Determination has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market. The Company plans to fulfill each of the conditions as stated in the Staff Determination, apply to the Panel for the hearing and the comply with the procedures for the Panel hearing. As highlighted in the Letter, the hearings before the Panel are typically scheduled to occur approximately 30-45 days after the date of the hearing request. The Staff Determination also noted that a request for a hearing regarding a delinquent filing will stay the suspension of the Company's securities only for a period of 15 days from the date of the request. When requesting a hearing before the Panel, the Company would also be able to request a stay of such suspension, pending the hearing.
This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar, storage solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The Company comprises the following core divisions: (a) SPI Solar commercial & utility solar business develops and provides a full spectrum of EPC services to third party project developers. (b) Orange Power business owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. (c) SolarJuice is a leader in renewable energy system solutions for residential and small commercial markets with solar wholesale distribution business in Australia, and residential solar and roofing installation business in California. SolarJuice also manufactures solar cells and modules in United States under the Solar4America brand. (d) SEM Wafertech develops American solar wafer manufacturing at Sumter, SC.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green energy industries such as battery storage, charging stations, and others which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at or available at www.sec.gov.
Forward-Looking Statements
Certain information contained in this report consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "will," "would," "may," "intends," "potential," and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company will regain compliance with the Listing Rule 5550(a)(2) or the Filing Rule during any compliance period or in the future, or otherwise meet Nasdaq compliance standards, that the Company will be eligible for an additional compliance period, or that Nasdaq will grant the Company any relief from delisting as necessary or that the Company can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.
Contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com
Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
SPI@redchip.com
SOURCE: SPI Energy Co., Ltd.
View the original press release on accesswire.com
FAQ
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