HONG KONG, March 19, 2018 (GLOBE NEWSWIRE) -- 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 notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (“Nasdaq”) on March 14, 2018, notifying the Company that the minimum bid price per ordinary share was below $1.00 for a period of 30 consecutive business days and, therefore, that the Company did not meet the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules.
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until September 10, 2018 (the “Compliance Period”), to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.
In the event that the Company does not regain compliance by September 10, 2018, the Company may be eligible for an additional 180 calendar day compliance period if it transfers to the Nasdaq Capital Market (assuming that it meets the initial listing requirements, with the exception of the minimum bid price requirement) and provides written notice to Nasdaq of its intention to cure the deficiency. Any such transfer would be subject to the determination by the staff of Nasdaq that the Company would be able to cure the deficiency in such additional period.
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 online energy e-commerce and investment platform in China, as well as B2B e-commerce platform offering a range of PV and storage products in Australia. 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: http://investors.spisolar.com.
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SPI Energy Co., Ltd.
SPI Energy Co., Ltd.