HONG KONG and SANTA CLARA, Calif., Dec. 17, 2018 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (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 notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (“Nasdaq”) on December 12, 2018 indicating that the Company is not in compliance with NASDAQ Listing Rule 5450(b)(3)(C) (the “Rule”) for continued listing because the market value of its publicly held shares was less than $15 million.
Normally, a company that fails to comply with the Rule would be eligible for a 180 day compliance period. However, in its November 19, 2018 decision, the Nasdaq Hearings Panel (the “Panel”) determined to impose a Panel Monitor lasting through 2019. The Panel noted that if at any time during the monitor period the Company fails any listing standard, Nasdaq would issue a delisting determination and the hearings department would schedule a new hearing. Therefore, the Company is not eligible for the 180 day compliance period and the Panel will notify the Company of its newly scheduled hearing date in the coming days.
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.