TerraForm Global Announces Receipt of Nasdaq Letter
May 16 2017 - 8:30AM
TerraForm Global, Inc. (Nasdaq:GLBL) (“TerraForm Global” or the
“Company”), an owner and operator of clean energy power plants,
today announced that on May 15, 2017 it received a notification
letter from a Senior Director of Nasdaq Listing Qualifications (the
“Notification Letter”). The Notification Letter stated that because
the Company has not yet filed its Form 10-Q for the quarter ended
March 31, 2017 (the “1Q 2017 10-Q”), this serves as an additional
basis for delisting the Company’s securities from the Nasdaq Stock
Market under Nasdaq Listing Rule 5250(c)(1), which requires timely
filing of periodic reports with the Securities and Exchange
Commission.
On March 21, 2017, the Company announced that
the Nasdaq Hearings Panel granted the Company an extension until
June 30, 2017 to regain compliance with Nasdaq’s continued listing
requirements with respect to its Form 10-K for the year ended
December 31, 2016, the 1Q 2017 10-Q and its delinquency in holding
its annual meeting during the year ended December 31, 2016. The
Notification Letter has no immediate effect on the listing of the
Company’s common stock on the Nasdaq Global Select Market. The
Company continues to work to regain compliance with Nasdaq’s
continued listing requirements as soon as practicable. However,
there can be no assurance that the Company will regain compliance
with Nasdaq’s continued listing requirements on or before June 30,
2017 or that the Company will be granted any additional extensions
to regain compliance with Nasdaq’s continued listing
requirements.
About TerraForm Global
TerraForm Global is a renewable energy company
that is changing how energy is generated, distributed and owned.
TerraForm Global creates value for its investors by owning and
operating clean energy power plants in high-growth emerging
markets. For more information about TerraForm Global, please visit:
www.terraformglobal.com.
Cautionary Note Regarding
Forward-Looking Statements
This communication contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. These
statements involve estimates, expectations, projections, goals,
assumptions, known and unknown risks, and uncertainties and
typically include words or variations of words such as “expect,”
“anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,”
“predict,” “project,” “goal,” “guidance,” “outlook,” “objective,”
“forecast,” “target,” “potential,” “continue,” “would,” “will,”
“should,” “could,” or “may” or other comparable terms and
phrases.
Such statements include, without limitation,
statements regarding the additional time that may be granted for
the Company to regain compliance with the Nasdaq rules; the
Company’s ability and time required to regain compliance with
Nasdaq’s rules; and the progress, outcome and timing of completing
its Form 10-K for the year ended December 31, 2016 and the 1Q 2017
10-Q and holding its annual meeting of stockholders. These
forward-looking statements are based on current expectations as of
the date of this press release and are subject to known and unknown
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements,
including but not limited to: the extent and impact of delays in
the Company’s completion of its Form 10-K for the year ended
December 31, 2016 and the 1Q 2017 10-Q and in holding the Company’s
annual meeting of stockholders; whether the Company will be granted
additional time to regain compliance with Nasdaq’s continued
listing requirements; the Company’s ability to regain compliance
with Nasdaq’s continued listing requirements; as well as additional
factors we have described in other filings with the Securities and
Exchange Commission.
The risks included above are not exhaustive.
Other factors that could adversely affect our business and
prospects are described in the filings made by us with the
Securities and Exchange Commission. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as otherwise required by law.
Contacts
Investors:
Brett Prior
TerraForm Global
investors@terraform.com
Media:
Meaghan Repko / Joseph Sala
Joele Frank, Wilkinson Brimmer Katcher
media@terraform.com
(212) 355-4449
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