TerraForm Power Announces Receipt of Nasdaq Letter
August 11 2017 - 4:30PM
TerraForm Power, Inc. (Nasdaq:TERP) (“TerraForm Power” or the
“Company”), an owner and operator of clean energy power plants,
today announced that on August 10, 2017 it received a notification
letter from a Senior Director of Nasdaq Listing Qualifications (the
“Notification Letter”). The Notification Letter stated that because
the Company has not yet filed its Form 10-Q for the quarter ended
June 30, 2017, this serves as an additional basis for delisting the
Company’s securities from the Nasdaq Stock Market under Nasdaq
Listing Rule 5250(c)(1), which requires timely filing of periodic
reports with the Securities and Exchange Commission (the “SEC”).
On June 30, 2017, the Company announced 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. The Company filed its Form 10-K
for the year ended December 31, 2016 on July 21, 2017 and held its
annual meeting of stockholders on August 10, 2017.
The Notification Letter has no immediate effect
on the listing of the Company’s Class A common stock on the Nasdaq
Global Select Market. The Company continues to work to regain
compliance with Nasdaq’s continued listing requirements as soon as
practicable. However, there can be no assurance that the Company
will file its Forms 10-Q for the first and second quarters of 2017
and regain compliance with Nasdaq’s continued listing requirements
on or before the respective deadlines.
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 Company’s ability and time required to
regain compliance with Nasdaq’s rules; and the progress, outcome
and timing of completing its Forms 10-Q for the first and second
quarters of 2017. 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
extent and impact of delays in the Company’s completion of its
Forms 10-Q for the first and second quarters of 2017; whether the
Company will be granted additional time to regain compliance with
Nasdaq’s continued listing requirements; 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 SEC.
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 SEC. 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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