HONG KONG, Sept. 14, 2018 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI), a global provider of renewable energy solutions and cryptocurrency miner hosting services for business, residential, government and utility customers and investors, today announced that it received a Delisting Determination (the “Determination”) from the Listing Qualifications Department of The Nasdaq Stock Market, Inc.(“Nasdaq”) on September 11, 2018, indicating that, as a result of failure of the Company to meet the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules, unless the Company requests an appeal of the Determination, trading of the Company’s Ordinary Shares (“OSs”) will be scheduled for delisting from Nasdaq at the opening of business on September 20, 2018, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq.
Nasdaq also advised the Company that the failure of the Company to file its Form 20-F for the year ended December 31, 2017 also serves as additional and separate basis for delisting pursuant to Rule 5250(c)(1) of the Nasdaq Listing Rules.
The Company plans to timely submit a request for hearing to a Hearings Panel of Nasdaq (the “Panel”). A request for a hearing regarding a delinquent filing will keep the suspension of the Company’s OSs for a period of 15 days from the date of the request. The Panel may or may not grant the Company a stay beyond that period based on the Company’s specific request for a further stay. Hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. At the hearing, the Company plans to present its plan to regain compliance with the Nasdaq listing rules and to request the continued listing of its OSs on Nasdaq pending such compliance. There can be no assurance that the Panel will grant the Company’s requests.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of renewable energy solutions and cryptocurrencies miner hosting service 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, B2B e-commerce platform offering a range of PV, storage products in Australia as well as online platform (Umining.io) offering global VIP miner hosting service. 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.
Source: SPI Energy Co., Ltd.
SPI Energy Co., Ltd.