SPI Energy receives Nasdaq filing extension
SPI Energy announced that it received a letter from The Nasdaq Stock Market stating that the Nasdaq Hearings 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: 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 the company file with the SEC 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 Department will 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. 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.