SPI Energy Co., Ltd. Announces Receipt of Notice Regarding Non-Compliance with Continued Listing Standards
May 01 2020 - 4:30AM
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 a notification letter (the “Notice”)
from the Listing Qualifications Department of The Nasdaq Stock
Market Inc. (“Nasdaq”) on April 28, 2020 notifying the Company that
its bid price per ordinary share had been below $1.00 for a period
of 30 consecutive business days and, therefore, that the Company
did not meet the minimum bid price requirement set forth in Rule
5450(a)(1) of the Nasdaq Listing Rules.
The rules also provide that the Company has a compliance period
of 180 calendar days (the “Compliance Period”) to regain
compliance.
Given current market conditions, Nasdaq previously determined to
toll the compliance periods for bid price and market value of
publicly held shares requirements (collectively, the "Price-based
Requirements") through June 30, 2020. As a result, the Company
will, upon reinstatement of the Price-based Requirements, still
have 180 calendar days from July 1, 2020, or until December 28,
2020, to regain compliance.
The Notices have no immediate effect on the listing of the
Company's securities. The Company can regain compliance at any time
before December 28, 2020 by evidencing compliance with the bid
price requirement for a minimum of 10 consecutive trading days.
About SPI Energy Co., Ltd.
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.
For inquiries, please contact:
SPI Energy Co., Ltd.IR
DepartmentEmail: ir@spigroups.com
RedChip Companies Bruce Haase (407)
712-8965bruce@redchip.com
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