Nasdaq Temporary Relief Extends Energy Focus Listing Compliance Period
April 20 2020 - 8:30AM
Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable LED
lighting technologies, today announced that it qualifies for
recently announced temporary relief from compliance with the Nasdaq
Stock Market (Nasdaq) $1.00 minimum bid price rule. As previously
disclosed, Nasdaq had advised the company that it had until May 11,
2020 to come into compliance with the Nasdaq $1.00 minimum bid
price rule. However, on April 16, 2020, Nasdaq announced
that, in response to the COVID-19 pandemic and related
extraordinary market conditions, it is providing temporary relief
through June 30, 2020 from, among other rules, the $1.00 minimum
bid price rule.
As a result, Energy Focus has until July 24, 2020 to come into
compliance with the $1.00 minimum bid price rule. Energy Focus is
evaluating its options to come into compliance, including, in the
discretion of its board of directors, effectuating a reverse stock
split of its common stock at a ratio of at least 1-for-2 and up to
1-for-20, which discretionary reverse stock split has been approved
by Energy Focus’ stockholders, provided it occurs no later than
June 17, 2020.
About Energy Focus
Energy Focus is an industry-leading innovator of
sustainable LED lighting technologies and solutions. As the creator
of the first flicker-free original LED products on the U.S.
market, Energy Focus products provide extensive energy
and maintenance savings, and aesthetics, safety, health and
sustainability benefits over conventional lighting. Our customers
include U.S. and foreign navies, U.S. federal,
state and local governments, healthcare and educational
institutions, as well as Fortune 500 companies. Since
2007, Energy Focus has installed approximately 650,000
lighting products across the US Navy fleet, including
TLEDs, waterline security lights, explosion-proof globes and berth
lights, saving more than four million gallons of fuel and 200,000
man-hours in lighting maintenance annually. Energy
Focus is headquartered in Solon, Ohio. For more
information, visit our website
at www.energyfocus.com.
Forward Looking Statements:
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Generally, these statements can be identified
by the use of words such as “believes,” “estimates,” “anticipates,”
“expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,”
“should,” “could,” “would” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements include all matters that are not
historical facts and include statements regarding our current
expectations and, among other things, statements regarding future
actions that may be taken by Nasdaq. By their nature,
forward-looking statements involve risks and uncertainties because
they relate to events and depend on circumstances that may or may
not occur in the future. Although we base these forward-looking
statements on assumptions that we believe are reasonable when made,
we caution you that forward-looking statements are not guarantees
of future performance and that actual results may differ materially
from statements made in or suggested by the forward-looking
statements contained in this release. We believe that important
factors that could cause our actual results to differ materially
from forward-looking statements include, but are not limited to,
changes in the policies of Nasdaq as a result of the COVID-19
pandemic or otherwise.
Media Contact:DGI
Comm212-825-3210EnergyFocus@Dgicomm.com
Investor Contact:Hayden IRCameron
Donahue646-536-7331ir@energyfocus.com
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