Pioneer Receives Nasdaq Notification of Non-Compliance Related to Delayed Annual Report on Form 10-K
23 April 2024 - 10:55PM
Business Wire
Expects to File 10-K for Year Ended December
31, 2023 in the Coming Weeks
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer”
or the “Company”), a leader in the design, manufacture, service and
integration of electrical power systems, distributed energy
resources, power generation equipment and mobile electric vehicle
(“EV”) charging solutions, today announced that on April 18, 2024,
the Company received a delinquency notification letter from the
Listing Qualifications Department of the Nasdaq Stock Market
(“Nasdaq”) indicating that the Company was not in compliance with
Nasdaq Listing Rule 5250(c)(1) as a result of its failure to have
timely filed its Annual Report for the year ended December 31, 2023
on Form 10-K (the “Annual Report”) with the Securities and Exchange
Commission (the “SEC”).
The delinquency notification letter provides that, under Nasdaq
rules for continued listing, the Company has 60 calendar days to
submit to Nasdaq a plan to regain compliance. If the Company’s plan
is accepted, Nasdaq may grant the Company an exception of up to 180
days from the filing’s due date, or until October 14, 2024, to
regain compliance. If Nasdaq does not accept the plan, the Company
will have the opportunity to appeal the decision to a Hearings
Panel. The delinquency notification letter has no immediate effect
on the listing of the Company’s common stock on the Nasdaq Capital
Market.
The company expects to file its Annual Report with the SEC in
the coming weeks.
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design,
manufacture, integration, refurbishment, service and distribution
of electric power systems, distributed energy resources, power
generation equipment and mobile EV charging solutions for
applications in the utility, industrial and commercial markets. To
learn more about Pioneer, please visit its website at
www.pioneerpowersolutions.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. Such statements may be preceded by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Such forward-looking statements
include, without limitation, statements regarding the Company’s
anticipated filing of its Annual Report. Forward-looking statements
are not guarantees of future performance, are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company’s control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks and uncertainties associated with (i) the
Company’s ability to successfully increase its revenue and profit
in the future, (ii) general economic conditions and their effect on
demand for electrical equipment, (iii) the effects of fluctuations
in the Company’s operating results, (iv) the fact that many of the
Company’s competitors are better established and have significantly
greater resources than the Company, (v) the Company’s dependence on
two customers for a large portion of its business, (vi) the
potential loss or departure of key personnel, (vii) unanticipated
increases in raw material prices or disruptions in supply, (viii)
the Company’s ability to realize revenue reported in the Company’s
backlog, (ix) future labor disputes, (x) changes in government
regulations, (xi) the liquidity and trading volume of the Company’s
common stock, (xii) an outbreak of disease, epidemic or pandemic,
such as the global coronavirus pandemic, or fear of such an event,
(xiii) risks associated with litigation and claims, which could
impact our financial results and condition, and (xiv) the Company’s
ability to regain and maintain compliance with the continued
listing requirements of the Nasdaq Capital Market.
More detailed information about the Company and the risk factors
that may affect the realization of forward-looking statements is
set forth in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual and Quarterly Reports on
Form 10-K and Form 10-Q, respectively. Investors and security
holders are urged to read these documents free of charge on the
SEC’s web site at www.sec.gov. The Company assumes no obligation to
publicly update or revise its forward-looking statements as a
result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240422027719/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
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