MCCLELLAN PARK, CA - SPI Energy Co., Ltd. (NASDAQ:SPI), a renewable energy firm, announced today that it has received a formal notice from Nasdaq due to non-compliance with listing rules. The notice was issued after the company failed to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, on time.
The Nasdaq Listing Qualifications Department requires companies to submit periodic reports in a timely manner, as stipulated by Nasdaq Listing Rule 5250(c)(1). The delay in filing has placed SPI Energy at risk of being delisted from the Nasdaq stock exchange.
Still, the notice does not immediately affect the listing of SPI Energy's ordinary shares. The company has been granted a 60-day period, until June 18, 2024, to file the overdue report or to present a plan to regain compliance. If Nasdaq approves the plan, the company may receive an extension of up to 180 days from the original due date, or until October 14, 2024, to meet the requirements.
SPI Energy has indicated that it is working diligently to complete and file the 2023 Form 10-K. The announcement comes in line with Nasdaq Listing Rule 5810(b), which mandates timely disclosure of any notifications of deficiency.
Founded in 2006, SPI Energy is a global provider of solar storage solutions with operations across North America, Australia, Asia, and Europe. The company's divisions include commercial and utility solar services, ownership and operation of solar projects, a solar wholesale distribution business, residential solar and roofing installation, and solar wafer manufacturing in the United States.
The information regarding SPI Energy's current situation with Nasdaq is based on a press release statement. The company's future ability to regain compliance with Nasdaq's listing requirements remains uncertain, and no assurance can be given that SPI Energy will achieve compliance within the given timeframe or avoid delisting.
InvestingPro Insights
SPI Energy Co., Ltd. (NASDAQ:SPI) is facing challenges beyond the recent notice from Nasdaq regarding non-compliance. According to InvestingPro data, the company's market capitalization stands at a modest 15.28 million USD. This reflects a relatively small scale in the competitive renewable energy sector, potentially impacting its ability to raise capital and invest in growth opportunities.
InvestingPro Tips suggest that SPI Energy operates with a significant debt burden and is quickly burning through cash, which may explain its difficulties in filing financial reports on time. Moreover, the company's gross profit margins are considered weak at 13.29%, indicating a struggle to translate sales into profits effectively.
The stock's performance appears to mirror these operational challenges, with a price that has fallen significantly over the last year, down by 65.45%. This decline has brought the stock price near its 52-week low, which could signal a lack of investor confidence or a response to the broader issues the company faces.
For investors seeking a deeper understanding of SPI Energy's financial health and market position, additional InvestingPro Tips are available. The platform lists 14 more tips that could offer valuable insights into the company's future prospects.
To benefit from the full range of tips and data, interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. This could be an opportune time to assess SPI Energy's potential for recovery or further decline, considering the upcoming deadline to regain compliance with Nasdaq's listing requirements.
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