Spruce Power Receives Notice Regarding NYSE Continued Listing Standard
March 31 2023 - 4:05PM
Business Wire
Spruce Power Holding Corp. (NYSE: SPRU) (“Spruce Power” or the
“Company”), a leading owner and operator of distributed solar
energy assets across the United States, today announced that on
March 28, 2023, it received a notice from the New York Stock
Exchange (“NYSE”), notifying the Company that it is out of
compliance with the NYSE's price criteria for continued listing
standards because, as of March 27, 2023, the average closing price
of the Company's common stock was less than $1.00 per share over a
consecutive 30 trading-day period.
The Company will notify the NYSE of its intent to cure its stock
price deficiency within the applicable time period required by the
NYSE, and to return to compliance with the NYSE continued listing
standard. The Company can regain compliance at any time within the
six-month period following receipt of the NYSE notice if on the
last trading day of any calendar month during the cure period the
Company has a closing share price of at least $1.00 and an average
closing share price of at least $1.00 over the 30 trading-day
period ending on the last trading day of that month. The Company
intends to consider all available alternatives to cure the stock
price non-compliance.
The NYSE notification does not affect the Company's business
operations, its Securities and Exchange Commission reporting
requirements, credit agreements or other contractual obligations.
The Company's common stock will continue to be listed and traded on
the NYSE, subject to its compliance with other NYSE continued
listing standards. The Company is currently in compliance with
other applicable NYSE continued listing standards.
This press release is issued as required under the NYSE rules.
The notice from the NYSE was issued pursuant to Section 802.01C of
the NYSE's Listed Company Manual.
About Spruce Power
Spruce Power Holding Corporation (NYSE: SPRU) is a leading owner
and operator of distributed solar energy assets across the United
States. We provide subscription-based services that make it easy
for homeowners to own and maintain rooftop solar and battery
storage. Our as-a-service model allows consumers to access new
technology without making a significant upfront investment or
incurring maintenance costs. Our company owns over 70,000 rooftop
solar assets and contracts across the United States. For additional
information, please visit www.sprucepower.com.
Forward Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of management and are not predictions of actual performance.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from the forward looking statements, including but not limited to:
expectations regarding the growth of the solar industry, home
electrification, electric vehicles and distributed energy
resources; the ability to successfully integrate XL Fleet and
Spruce Power; the ability to identify and complete future
acquisitions; the ability to develop and market new products and
services; the effects of pending and future legislation; the highly
competitive nature of the Company’s business and markets; the
ability to execute on and consummate business plans in anticipated
time frames; litigation, complaints, product liability claims
and/or adverse publicity; cost increases or shortages in the
components or chassis necessary to support the Company’s products
and services; the introduction of new technologies; the impact of
the COVID-19 pandemic on the Company’s business, results of
operations, financial condition, regulatory compliance and customer
experience; the potential loss of certain significant customers;
privacy and data protection laws, privacy or data breaches, or the
loss of data; general economic, financial, legal, political and
business conditions and changes in domestic and foreign markets;
risks related to the rollout of the Company’s business and the
timing of expected business milestones; the effects of competition
on the Company’s future business; the availability of capital; and
the other risks discussed under the heading “Risk Factors” in the
Company’s Annual Report on Form 10-K filed on March 31, 2022,
subsequent Quarterly Reports on Form 10-Q and other documents that
the Company files with the SEC in the future. If any of these risks
materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. These forward-looking statements speak
only as of the date hereof and the Company specifically disclaims
any obligation to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230331005412/en/
Investor Contact: investors@sprucepower.com Head of Investor
Relations: Bronson Fleig Media Contact: PR@sprucepower.com
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