HONG KONG and SANTA CLARA, Calif., Nov. 21, 2018 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (Nasdaq: SPI), a global provider of renewable energy solutions and crypto-miner hosting services for residential, commercial and utility customers, today announced that it received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Nasdaq Hearings Panel (the “Panel”) granted the Company’s request for additional time to file its Annual Report on Form 20-F for the year ended December 31, 2017. The Company’s continued listing is subject to, among other things, the following: (i) on or before December 3, 2018, the Company shall have effected a reverse stock split in a ratio sufficient to meet the minimum bid price rule, and shall have evidenced a closing bid price of over $1.00 for at least 10 consecutive trading days, and (ii) the Company file with the Securities and Exchange Commission its Form 20-F for the year ended December 31, 2017 by no later than December 10, 2018. In addition, due to the Company’s history of late filings, the Panel imposed a Panel Monitor pursuant to Listing Rule 5815(d)(4)(A), that will last through 2019. As provided in that Listing Rule, if at any time during the monitor period the Company fails any listing standard, the Nasdaq Staff will issue a Staff Delisting Determination and the Hearings Departmentwill promptly schedule a new hearing.
In addition, the Panel decision requires that the Company be able to demonstrate compliance with all requirements for continued listing on Nasdaq and that the Company provide prompt notification of any significant events that occur during the extension period (including, but not limited to, any event that may call into question the Company’s historical financial information or that may impact the Company’s ability to maintain compliance with any Nasdaq listing requirement or the aforementioned compliance deadlines).
The Panel reserved the right to reconsider the terms of its decision based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company’s securities on Nasdaq inadvisable or unwarranted.
In addition, the Nasdaq Listing and Hearing Review Council may review the Panel decision on its own motion, in which event it may affirm, modify, reverse or remand the decision to the Panel.
In the event the Company is unable to fully comply with the terms of the Panel decision, the Company’s securities may be delisted from The Nasdaq Stock Market.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of renewable energy solutions and crypto-miner hosting services for residential, commercial and utility customers. SPI Energy focuses on the EPC/BT, and storage markets including the development, financing, installation, operation and sale of utility-scale and residential PV projects in Japan, Europe and North America. The company operates a B2B E-Commerce platform offering a range of PV, storage products in Australia as well as a turnkey solution (umining.io) offering global crypto-mining training, sale, hosting and repair service. The Company has its operating headquarters in Hong Kong and Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia.
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SPI Energy Co., Ltd.
Source: SPI Energy Co., Ltd.
SPI Energy Co., Ltd.