HONG KONG and SANTA CLARA, California, April 21, 2020 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI), a global provider of green energy solutions for business, residential, government and utility customers and investors, today announced that it received an additional notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (“Nasdaq”) on April 17, 2020 indicating that the Company will have 156 calendar days from July 1, 2020, or until December 3, 2020 to regain compliance with the Nasdaq’s market value of publicly held shares (“MVPHS”) requirement.
The Notice stated that Nasdaq has determined to toll the compliance periods for bid price and MVPHS requirements (collectively, the "Price-based Requirements") through June 30, 2020. As a result, companies presently in compliance periods for any Price-based Requirements will remain at that same stage of the process and will not be subject to being delisted for these concerns. Starting on July 1, 2020, companies will receive the balance of any pending compliance period in effect at the start of the tolling period to regain compliance.
Accordingly, since the Company had 156 calendar days remaining in its MVPHS compliance period as of April 16, 2020, it will, upon reinstatement of the Price-based Requirements, still have 156 calendar days from July 1, 2020, or until December 3, 2020, to regain compliance.
As previously announced, the Company received a notification letter (together with the Notice, the “Notices”) from Nasdaq indicating that the Company is not in compliance with Nasdaq Listing Rule 5450(b)(3)(C) for continued listing because the Company’s MVPHS was less than $15 million.
The Notices have no immediate effect on the listing of the Company's securities. The Company can regain compliance at any time before December 3, 2020 by evidencing compliance with the MVPHS requirement for a minimum of 10 consecutive trading days.
About SPI Energy
SPI Energy is a global provider of photovoltaic (“PV”) solutions for business, residential, government and utility customers and investors. The Company develops solar PV projects that are either sold to third party operators or owned and operated by the Company for selling of electricity to the grid in multiple countries in Asia, North America and Europe. The Company’s subsidiary in Australia primarily sells solar PV components to retail customers and solar project developers. The Company has its operating headquarter in Hong Kong and its U.S. office in Santa Clara, California. The Company maintains global operations in Asia, Europe, North America and Australia.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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SPI Energy Co., Ltd.