HONG KONG and SANTA CLARA, Calif., May 1, 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 a notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (“Nasdaq”) on April 28, 2020 notifying the Company that its bid price per ordinary share had been 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.
The rules also provide that the Company has a compliance period of 180 calendar days (the “Compliance Period”) to regain compliance.
Given current market conditions, Nasdaq previouisly determined to toll the compliance periods for bid price and market value of publicly held shares requirements (collectively, the "Price-based Requirements") through June 30, 2020. As a result, the Company will, upon reinstatement of the Price-based Requirements, still have 180 calendar days from July 1, 2020, or until December 28, 2020, to regain compliance.
The Notices have no immediate effect on the listing of the Company's securities. The Company can regain compliance at any time before December 28, 2020 by evidencing compliance with the bid price requirement for a minimum of 10 consecutive trading days.
About SPI Energy Co., Ltd.
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.
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SPI Energy Co., Ltd.