SPI Energy Co., Ltd. Announces Receipt of Nasdaq Notice Tolling Compliance Period
21 April 2020 - 6:30PM
SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI),
a global provider of green energy solutions for business,
residential, government and utility customers and investors, today
announced that it received an additional notification letter (the
“Notice”) from the Listing Qualifications Department of The Nasdaq
Stock Market Inc. (“Nasdaq”) on April 17, 2020 indicating that the
Company will have 156 calendar days from July 1, 2020, or until
December 3, 2020 to regain compliance with the Nasdaq’s market
value of publicly held shares (“MVPHS”) requirement.
The Notice stated that Nasdaq has determined to toll the
compliance periods for bid price and MVPHS requirements
(collectively, the "Price-based Requirements") through June 30,
2020. As a result, companies presently in compliance periods for
any Price-based Requirements will remain at that same stage of the
process and will not be subject to being delisted for these
concerns. Starting on July 1, 2020, companies will receive the
balance of any pending compliance period in effect at the start of
the tolling period to regain compliance.
Accordingly, since the Company had 156 calendar days remaining
in its MVPHS compliance period as of April 16, 2020, it will, upon
reinstatement of the Price-based Requirements, still have 156
calendar days from July 1, 2020, or until December 3, 2020, to
regain compliance.
As previously announced, the Company received a notification
letter (together with the Notice, the “Notices”) from Nasdaq
indicating that the Company is not in compliance with Nasdaq
Listing Rule 5450(b)(3)(C) for continued listing because the
Company’s MVPHS was less than $15 million.
The Notices have no immediate effect on the listing of the
Company's securities. The Company can regain compliance at any time
before December 3, 2020 by evidencing compliance with the MVPHS
requirement for a minimum of 10 consecutive trading days.
About SPI Energy
SPI Energy is a global provider of photovoltaic (“PV”) solutions
for business, residential, government and utility customers and
investors. The Company develops solar PV projects that are either
sold to third party operators or owned and operated by the Company
for selling of electricity to the grid in multiple countries in
Asia, North America and Europe. The Company’s subsidiary in
Australia primarily sells solar PV components to retail customers
and solar project developers. The Company has its operating
headquarter in Hong Kong and its U.S. office in Santa Clara,
California. The Company maintains global operations in Asia,
Europe, North America and Australia.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
All forward-looking statements are inherently uncertain as they are
based on current expectations and assumptions concerning future
events or future performance of the Company. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the
date hereof. In evaluating such statements, prospective investors
should review carefully various risks and uncertainties identified
in this release and matters set in the Company's SEC filings.
These risks and uncertainties could cause the Company's actual
results to differ materially from those indicated in the
forward-looking statements.
Contacts:
For inquiries, please contact:
SPI Energy Co., Ltd.IR
DepartmentEmail: ir@spigroups.com
RedChip Companies Bruce Haase (407)
712-8965bruce@redchip.com
SPI Energy (NASDAQ:SPI)
Historical Stock Chart
From Apr 2024 to May 2024
SPI Energy (NASDAQ:SPI)
Historical Stock Chart
From May 2023 to May 2024