SPI
Spi Energy Co, LTD
NASDAQ
8-K: SPI Energy Faces Nasdaq Delisting After Failing to Meet Compliance Deadlines
Sentiment:
Delisting Notice
17 October 2024 4:30 PM
SPI Energy Co., Ltd. has received a delisting notice from Nasdaq due to its failure to regain compliance with minimum bid price requirements and its failure to file required financial reports.
Worse than expected
The company failed to meet the minimum bid price requirement and failed to file required financial reports, leading to a delisting notice.
Delay expected
The company failed to file its 2023 Form 10-K and Q1 and Q2 2024 Form 10-Q reports by the required deadline.
Summary
- SPI Energy Co., Ltd. received a delisting notice from Nasdaq on October 15, 2024, because it did not meet the minimum bid price requirement of $1.00 per share for 10 consecutive business days by October 14, 2024.
- The company also failed to file its Form 10-K for the year ended December 31, 2023, and its Form 10-Q for the quarters ended March 31, 2024, and June 30, 2024, by the October 14, 2024 deadline.
- SPI Energy plans to appeal the delisting decision and request a hearing before the Nasdaq Hearings Panel by October 22, 2024.
- The delisting notice has no immediate effect on the listing of the company's stock, and the company intends to comply with all conditions to avoid delisting.
Sentiment
Score: 2
Explanation: The sentiment is negative due to the delisting notice and the company's failure to meet listing requirements. The company is facing significant challenges and uncertainty.
Positives
- The company plans to appeal the delisting decision and request a hearing before the Nasdaq Hearings Panel.
- The delisting notice has no immediate effect on the listing of the company's stock.
- The company intends to comply with all conditions to avoid delisting.
Negatives
- The company failed to maintain a minimum share price of $1.00 for 10 consecutive business days.
- The company failed to file its 2023 Form 10-K and Q1 and Q2 2024 Form 10-Q reports by the required deadline.
- The company is facing potential delisting from the Nasdaq Capital Market.
Risks
- The company faces the risk of being delisted from the Nasdaq Capital Market if it fails to successfully appeal the Staff Determination.
- The company's stock price could be negatively impacted by the delisting notice and the uncertainty surrounding its future listing status.
- The company's failure to file required financial reports raises concerns about its internal controls and financial reporting processes.
Future Outlook
The company plans to appeal the delisting decision and request a hearing before the Nasdaq Hearings Panel. The company intends to comply with all conditions to avoid delisting.
Management Comments
- The Company plans to fulfill each of the conditions as stated in the Staff Determination, apply to the Panel for the hearing and the comply with the procedures for the Panel hearing.
Industry Context
This announcement highlights the challenges faced by companies in maintaining compliance with listing requirements, particularly in volatile market conditions. It is not uncommon for companies to face delisting notices, especially those with fluctuating stock prices or reporting delays.
Comparison to Industry Standards
- Many companies listed on Nasdaq must maintain a minimum bid price of $1.00 per share to remain listed.
- Companies are required to file their annual and quarterly reports with the SEC in a timely manner.
- Failure to meet these requirements can lead to delisting, which is a common risk for companies that do not meet the listing standards.
Stakeholder Impact
- Shareholders may experience a decline in the value of their investment due to the delisting notice.
- Employees may face uncertainty about the company's future.
- Creditors may be concerned about the company's ability to meet its obligations.
Next Steps
- The company will appeal the delisting decision by October 22, 2024.
- The company will request a hearing before the Nasdaq Hearings Panel.
- The company will attempt to comply with all conditions to avoid delisting.
Key Dates
- April 16, 2024: Initial 180-day grace period to regain compliance with minimum bid price requirement ended.
- April 19, 2024: Company received notice of non-compliance for failing to file the 2023 Form 10-K.
- April 23, 2024: Company was granted a second 180-day grace period to regain compliance with the minimum bid price requirement and transferred to the Nasdaq Capital Market.
- April 25, 2024: Transfer of listing to the Nasdaq Capital Market took effect.
- May 20, 2024: Company received a second delinquency notification for failing to file the Q1 2024 Form 10-Q.
- June 18, 2024: Company submitted materials to Nasdaq regarding compliance.
- July 5, 2024: Company submitted materials to Nasdaq regarding compliance.
- July 25, 2024: Company submitted materials to Nasdaq regarding compliance.
- August 1, 2024: Company submitted materials to Nasdaq regarding compliance.
- August 2, 2024: Company submitted materials to Nasdaq regarding compliance.
- August 20, 2024: Company received a third delinquency notification for failing to file the Q2 2024 Form 10-Q.
- September 4, 2024: Company submitted materials to Nasdaq regarding compliance.
- October 14, 2024: Deadline for regaining compliance with minimum bid price and filing all outstanding financial reports.
- October 15, 2024: Company received a delisting notice from Nasdaq.
- October 17, 2024: Date of the 8-K filing.
- October 22, 2024: Deadline for the company to appeal the delisting decision.
Keywords
delisting, Nasdaq, compliance, minimum bid price, financial reporting, Form 10-K, Form 10-Q, appeal, hearings panel
SPI
Spi Energy Co, LTD
NASDAQ
Sector: TBD
Filings with Classifications
Delay expected
11 February 2025 12:46 PM
Current Report
- The fifth addendum delays the final payment of the $2,100,000 trigger payment to June 30, 2025.
Worse than expected
11 February 2025 12:46 PM
Current Report
- The need for a fifth addendum to the Deed of Settlement suggests that SPI Energy is struggling to meet its original financial obligations.
Worse than expected
5 February 2025 9:06 AM
Current Report (8-K)
- The resignation of an independent director due to concerns about cash flow and governance is worse than expected.
- The Nasdaq suspension of trading is worse than expected.
- The failure to pay director's fees is worse than expected.
Delay expected
5 February 2025 9:06 AM
Current Report (8-K)
- The company failed to file the annual report for 2023 by the prescribed deadline.
Worse than expected
14 January 2025 9:43 PM
Current Report
- The company's shares are being delisted from the Nasdaq due to violations of listing rules.
- The company failed to file required reports with the SEC in a timely manner.
- The company's share price remained below $1 for 30 consecutive business days.
- The company failed to hold its annual shareholder meeting.
Delay expected
14 January 2025 9:43 PM
Current Report
- The company's Annual Report on Form 10-K for the year ended December 31, 2023 was delayed.
- The company's Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2024 were delayed.
Delay expected
10 January 2025 9:02 AM
Settlement Agreement Announcement
- The side letter acknowledges that the Greek banks may require modifications to the Athens Injunction Judgement, potentially delaying the release of the first installment.
- The side letter allows for an extension of the timeline for the release of the first installment if delays are caused by the Greek banks or other conditions.
Capital raise
10 January 2025 9:02 AM
Settlement Agreement Announcement
- The settlement agreement mentions that SPI will need to raise funds to cover the second and third installments.
- SPI is exploring potential financing options, including pre-IPO capital raising through the split listing of its European solar projects.
Better than expected
10 January 2025 9:02 AM
Settlement Agreement Announcement
- The settlement resolves a long-standing dispute at a lower cost than originally anticipated.
- The reintegration of the Greek solar projects is expected to significantly increase the company's revenue and capacity.
Delay expected
21 November 2024 4:51 PM
Delisting Notice
- The company has delayed filing its Form 10-Q for the period ended September 30, 2024.
Worse than expected
21 November 2024 4:51 PM
Delisting Notice
- The company received a delisting notice from Nasdaq due to a failure to file its quarterly report, which is a negative development.
Worse than expected
23 October 2024 4:33 PM
Delisting Notice
- The company received a delisting notice from Nasdaq due to non-compliance with listing rules, indicating worse than expected performance.
Delay expected
23 October 2024 4:33 PM
Delisting Notice
- The company failed to file its Form 10-K for 2023 and Form 10-Q for Q1 and Q2 2024 by the required deadlines.
Worse than expected
17 October 2024 4:30 PM
Delisting Notice
- The company failed to meet the minimum bid price requirement and failed to file required financial reports, leading to a delisting notice.
Delay expected
17 October 2024 4:30 PM
Delisting Notice
- The company failed to file its 2023 Form 10-K and Q1 and Q2 2024 Form 10-Q reports by the required deadline.
Delay expected
26 August 2024 4:30 PM
Regulatory Filing
- The company has delayed filing its 2023 annual report and Q1 and Q2 2024 quarterly reports.
Worse than expected
26 August 2024 4:30 PM
Regulatory Filing
- The company has received a third notice of non-compliance from Nasdaq, indicating a worsening situation regarding its financial reporting.
Worse than expected
21 May 2024 5:00 PM
Regulatory Filing
- The company has received a second non-compliance notice from Nasdaq, indicating a worsening situation regarding their financial reporting.
Delay expected
21 May 2024 5:00 PM
Regulatory Filing
- The company has delayed filing both its annual report for 2023 and its quarterly report for Q1 2024.
Worse than expected
25 April 2024 4:30 PM
Delisting Notice
- The company's share price has been below the minimum bid price requirement for an extended period, leading to the transfer to the Nasdaq Capital Market and the need for a second extension to regain compliance.
Worse than expected
22 April 2024 4:15 PM
8-K Filing
- The company has failed to meet the deadline for filing its annual report, which is a negative indicator of its financial reporting processes.
Delay expected
22 April 2024 4:15 PM
8-K Filing
- The company's 2023 annual report is delayed, leading to a non-compliance notice from Nasdaq.
Worse than expected
20 March 2024 4:39 PM
Settlement Agreement Announcement
- The company was facing a winding up petition, indicating significant financial distress.
- The company had to agree to a settlement to avoid liquidation, which includes a large repayment amount.
- The company failed to repay its debts, leading to the winding up petition.
Delay expected
20 March 2024 4:39 PM
Settlement Agreement Announcement
- The settlement agreement replaces a prior agreement, delaying the repayment timeline from April 8, 2024 to December 31, 2024.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.