SPI
Spi Energy Co, LTD
NASDAQ
8-K: SPI Energy Faces Nasdaq Delisting Threat Due to Late Annual Report Filing
Sentiment:
8-K Filing
22 April 2024 4:15 PM
SPI Energy Co., Ltd. has received a notice from Nasdaq for failing to file its 2023 annual report on time, putting its listing status at risk.
Worse than expected
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
The company's 2023 annual report is delayed, leading to a non-compliance notice from Nasdaq.
Summary
- SPI Energy Co., Ltd. received a notification from Nasdaq on April 19, 2024, stating that they are not in compliance with listing rules due to the late filing of their 2023 annual report (Form 10-K).
- The company has 60 days, until June 18, 2024, to file the report or submit a plan to regain compliance.
- If a plan is accepted, Nasdaq may grant an extension of up to 180 days from the original filing deadline, potentially until October 14, 2024.
- Failure to regain compliance could result in the delisting of SPI Energy's ordinary shares from Nasdaq.
- The company is actively working to complete the 2023 Form 10-K.
Sentiment
Score: 3
Explanation: The sentiment is negative due to the non-compliance notice and the risk of delisting. While the company is working to rectify the situation, the uncertainty and potential negative consequences weigh heavily on the outlook.
Positives
- The company is actively working to complete the 2023 Form 10-K.
- Nasdaq may grant an extension of up to 180 days to regain compliance if a plan is accepted.
Negatives
- SPI Energy is not in compliance with Nasdaq listing rules due to the late filing of its 2023 annual report.
- The company faces the risk of delisting from Nasdaq if it fails to regain compliance.
Risks
- The primary risk is the potential delisting of SPI Energy's shares from Nasdaq if the company does not file its 2023 Form 10-K or regain compliance within the given timeframes.
- There is no guarantee that Nasdaq will accept the company's compliance plan or grant an extension.
- The company's reputation and investor confidence could be negatively impacted by the non-compliance notice.
Future Outlook
The company is working to complete the 2023 Form 10-K and regain compliance with Nasdaq listing rules, but there is no guarantee of success.
Management Comments
- The company continues to work diligently to complete the 2023 Form 10-K.
Industry Context
This announcement highlights the importance of timely financial reporting for publicly listed companies and the potential consequences of non-compliance with exchange listing rules. It is not uncommon for companies to face such issues, but the outcome can vary significantly depending on the company's ability to rectify the situation.
Comparison to Industry Standards
- Many companies listed on Nasdaq are required to file their annual reports on time, and failure to do so is a breach of listing rules.
- Companies like SunPower (SPWR) and First Solar (FSLR), which are also in the solar energy sector, have faced similar compliance issues in the past, but they have generally managed to regain compliance.
- The severity of the situation for SPI Energy will depend on their ability to file the 2023 Form 10-K and demonstrate a plan for future compliance.
Stakeholder Impact
- Shareholders face the risk of delisting, which could negatively impact the value of their investment.
- Employees may experience uncertainty about the company's future.
- Customers and suppliers may have concerns about the company's stability.
Next Steps
- SPI Energy must file its 2023 Form 10-K or submit a plan to regain compliance with Nasdaq listing rules by June 18, 2024.
- The company may seek an extension of up to 180 days if its compliance plan is accepted by Nasdaq.
- The company needs to complete the 2023 Form 10-K.
Key Dates
- 2024-04-19: Date SPI Energy received the non-compliance notice from Nasdaq.
- 2024-04-22: Date of the press release announcing the receipt of the Nasdaq non-compliance notice.
- 2024-06-18: Deadline for SPI Energy to file the 2023 Form 10-K or submit a compliance plan.
- 2024-10-14: Potential extended deadline for SPI Energy to regain compliance if a plan is accepted by Nasdaq.
Keywords
Nasdaq, delisting, non-compliance, Form 10-K, annual report, SPI Energy, listing rules, compliance
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.
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
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.
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.
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
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.
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.
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
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.