SPI Energy Co., Ltd. Announces Receipt of Nasdaq Delisting Determination
July 06 2017 - 8:00AM
SPI Energy Co., Ltd. (“SPI Energy” or the “Company”)
(Nasdaq:SPI), a global clean energy market place for business,
residential, government and utility customers and investors, today
announced that it received a Delisting Determination (the
“Determination”) from the Listing Qualifications Department of The
Nasdaq Stock Market, Inc. (“Nasdaq”) on June 30, 2017, indicating
that as a result of failure of the Company to file its Form 20-F
for the year ended December 31, 2016, unless the Company requests
an appeal of the Determination, trading of the Company’s American
depositary shares (“ADSs”) will be suspended from The Nasdaq Global
Select Market at the opening of business on July 11, 2017, and a
Form 25-NSE will be filed with the Securities and Exchange
Commission, which will remove the Company’s securities from listing
and registration on Nasdaq.
The Company plans to timely submit a request for
hearing to a Hearings Panel of Nasdaq (the “Panel”). A request for
a hearing regarding a delinquent filing will stay the suspension of
the Company’s ADSs for a period of 15 days from the date of the
request. The Panel may or may not grant the Company a stay beyond
that period based on the Company’s specific request for a further
stay.
Hearings are typically scheduled to occur
approximately 30-45 days after the date of the hearing request. At
the hearing, the Company plans to present its plan to regain
compliance with the Nasdaq listing rules and to request the
continued listing of its ADSs on Nasdaq pending such compliance.
There can be no assurance that the Panel will grant the Company’s
requests.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of
photovoltaic (PV) solutions for business, residential, government
and utility customers and investors. SPI Energy focuses on the
EPC/BT, storage and O2O PV market including the development,
financing, installation, operation and sale of utility-scale and
residential PV projects in China, Japan, Europe and North America.
The Company operates an innovative online energy e-commerce and
investment platform, www.solarbao.com, which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as www.solartao.com, a B2B e-commerce
platform offering a range of PV products for both upstream and
downstream suppliers and customers. The Company has its operating
headquarters in Hong Kong and maintains global operations in Asia,
Europe, North America and Australia. For additional information,
please visit: www.spisolar.com
For investors and media inquiries please contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spisolar.com
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