Form 8-K - Current report
02 November 2023 - 7:37AM
Edgar (US Regulatory)
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2023-10-27
2023-10-27
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United
States
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (date of earliest event reported): October 27, 2023
Pineapple Energy Inc.
|
(Exact
name of Registrant as Specified in its Charter) |
|
Minnesota
|
(State Or Other Jurisdiction
Of Incorporation) |
|
001-31588 |
|
41-0957999 |
(Commission
File Number) |
|
(I.R.S.
Employer Identification No.) |
10900
Red Circle Drive
Minnetonka,
MN
|
|
55343 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(952) 996-1674
|
Registrant’s Telephone
Number, Including Area Code |
|
Securities
registered pursuant to Section 12(b) of the Act
Title
of Each Class |
Trading
Symbol |
Name
of each exchange on which registered |
Common
Stock, par value, $.05 per share |
PEGY |
The
Nasdaq Stock Market, LLC |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
|
☐ |
Written communications pursuant to Rule 425
under the Securities Act |
|
☐ |
Soliciting material pursuant to Rule 14a-12
under the Exchange Act |
|
☐ |
Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act |
|
☐ |
Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01. |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
|
On
October 27, 2023, Pineapple Energy Inc. (the "Company") received a notice from the Listing Qualifications Department (the "Staff") of
the Nasdaq Stock Market ("Nasdaq") informing the Company that because the closing bid price for the Company's common stock listed on
Nasdaq was below $1.00 per share for the last 31 consecutive business days, the Company does not comply with the minimum closing bid
price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(a)(2) (the "Rule"). The notification
has no immediate effect on the listing of the Company's common stock.
In accordance with Nasdaq’s
Listing Rules, the Company has a period of 180 calendar days, or until April 24, 2024, to regain compliance with the Rule. If at any time
during this 180-day period, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10
consecutive business days, Nasdaq will provide written confirmation that the Company has achieved compliance with the Rule.
The notice also disclosed
that in the event the Company does not regain compliance with the Rule by April 24, 2024, the Company may be eligible for additional time.
To qualify for additional time, the Company would be required to meet the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would
need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock
split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180
calendar days. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq will provide notice that the Company’s securities will be subject to delisting.
The Company intends to continue
actively monitoring the bid price for its common stock between now and April 24, 2024, and will consider available options to resolve
the deficiency and regain compliance with the Rule. These options include effecting a reverse stock
split, if approved by shareholders. The Company has scheduled its annual meeting of shareholders for later this year, at which it will
ask, among other matters, shareholders to vote to approve a reverse stock split of the Company’s outstanding common stock, within
a specified range as determined by the Board of Directors. However, there can be no assurance that the Company’s shareholders will
approve a reverse stock split or that any reverse stock split that is effected will increase the share price of the Company’s common
stock at or above the required $1.00 per share, initially or in the future, or for any certain number of days. Further, there is
no assurance that the Company will be eligible for an additional compliance period or that the Company’s common stock will not be
delisted from Nasdaq.
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, thereunto duly authorized.
|
PINEAPPLE ENERGY INC. |
|
|
|
By: |
/s/
Kyle J. Udseth |
|
|
Kyle J. Udseth, Chief Executive Officer |
|
|
|
Date: November 1, 2023 |
|
|
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