TerraForm Power Announces Extensions to Regain Nasdaq Compliance
June 30 2017 - 4:15PM
TerraForm Power, Inc. (Nasdaq:TERP) (“TerraForm Power” or the
“Company”), an owner and operator of clean energy power plants,
announced today that the Nasdaq Hearings Panel granted the Company
further extensions to regain compliance with Nasdaq’s continued
listing requirements. Under these extensions, the Company’s Class A
common stock will remain listed on the Nasdaq Stock Market, subject
to the requirement that the Company’s Form 10-K for the year ended
December 31, 2016 be filed with the SEC by July 24, 2017, its
annual meeting of stockholders be held by August 24, 2017, its Form
10-Q for the first quarter of 2017 be filed with the SEC by August
30, 2017 and its Form 10-Q for the second quarter of 2017 be filed
with the SEC by September 30, 2017.
In addition, the Company is required to provide the Nasdaq
Hearings Panel, by July 10, 2017, certain additional information
regarding the status of the audit of the Company’s financial
statements for the fiscal year ended December 31, 2016. The Nasdaq
Hearings Panel may reconsider the terms of the above extensions
following its review of this additional information or based on any
other relevant event, condition or circumstance.
About TerraForm Power
TerraForm Power is a renewable energy company that is changing
how energy is generated, distributed and owned. TerraForm Power
creates value for its investors by owning and operating clean
energy power plants. For more information about TerraForm Power,
please visit: www.terraformpower.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 has been granted for the Company
to regain compliance with the Nasdaq rules; the Company’s ability
and time required to regain compliance with the Nasdaq rules; and
the progress, outcome and timing of completing the delayed filings
and holding the annual meeting. 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 Nasdaq Hearing Panel’s review of the additional
information regarding the status of the audit of the Company’s
financial statements for the fiscal year ended December 31, 2016,
the extent and impact of delays in the Company’s completion of its
financial statements and the filing of its annual and quarterly
reports; whether the Nasdaq Hearings Panel will reconsider the
terms of the extension granted; whether the Nasdaq Listing and
Hearing Review Council will determine to review the Panel’s
decision; 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 Power
investors@terraform.com
Media:
Meaghan Repko / Joseph Sala
Joele Frank, Wilkinson Brimmer Katcher
media@terraform.com
(212) 355-4449
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