RGS Energy (NASDAQ: RGSE), the exclusive worldwide manufacturer of
the visually stunning POWERHOUSE™ Solar Shingle System, announced
that it will move trading of the company's Class A common stock to
the OTCQX® from The Nasdaq Capital Market effective February 15,
2019.
As previously disclosed in the company's news releases and
filings with the Securities and Exchange Commission (SEC), the
company was not in compliance with Nasdaq's $1.00 per share minimum
bid price requirement for maintaining its listing on The Nasdaq
Capital Market. RGS submitted a plan, allowing time for the
commercialization of POWERHOUSE™, with Nasdaq including a
request for an extension of time to remain listed on The Nasdaq
Capital Market for an additional 180 days.
Nasdaq advised RGS Energy on February 6, 2019, that an
extension would only be considered if the company would commit
to effect a reverse stock split, if necessary, to meet the $1.00
minimum bid price requirement. The company believes that, under the
circumstances, a reverse stock split is not in the best interest of
it shareholders and will move trading of the company’s Class A
common stock to the OTCQX®, the highest market tier operated by OTC
Markets Group. Quotes and related company information will be
available at www.otcmarkets.com.
“We just began commercialization of POWERHOUSE™ and believe that
in time our results will support a higher stock price,” said Dennis
Lacey, RGS Energy’s CEO. “Further, previous reverse stock splits by
RGS resulted in the stock trading down to pre-split levels. That
coupled with our belief that POWERHOUSE™ will over time be a game
changing product for us, led us to move trading of our Class A
common stock to the highest market tier for OTC Markets Group.”
RGS remains a public reporting company and will retain the
ticker symbol "RGSE." RGS plans to continue to make all required
SEC filings, including those on Forms 10-K, 10-Q and 8-K, and will
remain subject to all SEC rules and regulations applicable to
reporting companies under the Exchange Act. The company plans to
maintain an independent board of directors with an independent
Audit Committee and to provide annual financial statements audited
by a Public Company Accounting Oversight Board auditor and
unaudited interim financial reports prepared in accordance with
U.S. generally accepted accounting principles or GAAP.
About OTC Markets Group Inc.OTC Markets Group
Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB®
Venture Market and the Pink® Open Market for 10,000 U.S. and global
securities. Through OTC Link® ATS and OTC Link ECN, we connect a
diverse network of broker-dealers that provide liquidity and
execution services. We enable investors to easily trade
through the broker of their choice and empower companies to improve
the quality of information available for investors.
To learn more about how we create better informed and more
efficient markets, visit www.otcmarkets.com.
OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated
by OTC Link LLC, member FINRA/SIPC.
About RGS EnergyRGS Energy is America’s
Original Solar Company providing solar, storage and energy services
whose mission is clean energy savings. The company is the exclusive
worldwide manufacturer of the visually stunning POWERHOUSE™ Solar
Shingle System. RGS Energy also sells, designs and installs solar
systems for residential homeowners, commercial businesses,
non-profit organizations and government entities.
For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com,
on Facebook at www.facebook.com/RGSEnergy and on Twitter at
twitter.com/rgsenergy. Information on such websites and the
websites referred to above in this press release is not
incorporated by reference into this press release.
RGS Energy is the company’s registered trade name. RGS Energy
files periodic and other reports with the SEC under its official
name “Real Goods Solar, Inc.”
POWERHOUSE™ is a trademark of The Dow Chemical Company, used
under license.
Forward-Looking Statements and Cautionary
StatementsThis press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties,
including statements regarding RGS Energy’s results of operations
and financial positions, and RGS Energy’s business and financial
strategies. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they
provide RGS Energy’s current beliefs, expectations, assumptions,
forecasts, and hypothetical constructs about future events, and
include statements regarding our future results of operations and
financial position, business strategy, budgets, projected costs,
plans and objectives of management for future operations. The
words “plan,” “future,” “may,” “will,” “expect,” “hypothetical,”
“believe“ and similar expressions as they relate to us are intended
to identify such forward-looking statements.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved, if at all. Forward looking statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Therefore,
RGS Energy cautions you against relying on any of these
forward-looking statements.
Key risks and uncertainties that may cause a change in any
forward-looking statement or that could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements include: the ability to obtain
requisite international product certification of POWERHOUSE™ 3.0;
RGS Energy’s ability to successfully commercialize POWERHOUSE™ 3.0
and achieve market share; RGS Energy’s ability to satisfy the
conditions and obligations under the POWERHOUSE™ 3.0 license
agreement; RGS Energy’s ability to manage supply chain in order to
have production levels and pricing of the POWERHOUSE™ 3.0 shingles
to be competitive; the ability of RGS Energy to successfully expand
its operations and employees and realize profitable revenue growth
from the sale and installation of POWERHOUSE™ 3.0, and to the
extent, anticipated; competition in the built-in photovoltaic solar
system business; RGS Energy’s ability to successfully and timely
expand its POWERHOUSE™ 3.0 business outside of the United States;
foreign exchange risks associated with the POWERHOUSE™ 3.0
business; intellectual property infringement claims and warranty
claims related to the POWERHOUSE™ 3.0 business; cost and
availability of raw materials including the impact from changes in
the price of oil and the foreign currency exchange rate for Chinese
yuan; RGS Energy’s ability to successfully implement its revenue
growth strategy, achieve its target level of sales, generate cash
flow from operations, and achieve break-even and better results;
the adequacy of, and access to, capital necessary to implement its
revenue growth strategy; rules, regulations and policies pertaining
to electricity pricing and technical interconnection of
customer-owned electricity generation such as net energy metering;
the continuation and level of government and utility incentives for
solar energy; changes in general economic, business and political
conditions, including tariffs on imported solar cells and changes
in the financial markets; the future price of RGS Energy’s Class A
common stock; whether the liquidity and price of RGS Energy’s Class
A common stock will change as a result of delisting from The Nasdaq
Capital Market and moving trading to the OTCQX®; and other risks
and uncertainties included in the Company’s filings with the
Securities and Exchange Commission.
You should read the section entitled “Risk Factors” in our 2017
Annual Report on Form 10-K and in our Quarterly Reports on Form
10-Q for the quarters ended March 30, 2018, June 30, 2018 and
September 30, 2018, each of which has been filed with the
Securities and Exchange Commission, which identify certain of these
and additional risks and uncertainties. Any forward-looking
statements made by us in this presentation speak only as of the
date of this presentation. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We do not undertake any
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
POWERHOUSE™ is a trademark of The Dow Chemical Company, used
under license.RGS Energy is the Company’s registered trade name.
The Company files periodic and other reports with the Securities
and Exchange Commission under its official name “Real Goods Solar,
Inc.”
Investor Relations ContactRon BothManaging
Partner, CMATel 1-949-432-7566RGSE@cma.team