MCCLELLAN PARK, CA - SPI Energy Co., Ltd. (NASDAQ:SPI), a global renewable energy company, has been notified by the Nasdaq Stock Market of non-compliance with listing rules due to the delayed filing of its financial reports. The company failed to submit its Quarterly Report for the quarter ending June 30, 2024, following previous delays with its Annual Report for 2023 and its Q1 2024 Quarterly Report.
The notice from Nasdaq's Listing Qualifications Department, received today, indicates that SPI Energy has not adhered to the Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission (SEC). Despite these setbacks, Nasdaq granted SPI Energy an extension until October 14, 2024, to file the overdue reports and regain compliance.
SPI Energy must provide an updated compliance plan by September 4, 2024, detailing steps to file the Q2 report and progress on the previously submitted plan. If the updated plan is not accepted, the company may appeal to a Nasdaq Hearings Panel.
The company's shares will continue to trade on the Nasdaq Capital Market under the ticker "SPI" at this time. SPI Energy is working to complete the necessary filings and intends to submit them promptly.
SPI Energy, founded in 2006 and headquartered in McClellan Park, California, operates through various divisions, including commercial and utility solar development, solar project operation, renewable energy solutions for residential and small commercial markets, and solar wafer manufacturing.
This announcement complies with Nasdaq Listing Rule 5810(b), which mandates prompt disclosure of deficiency notifications. The information in this article is based on a press release statement.
InvestingPro Insights
As SPI Energy Co., Ltd. (NASDAQ:SPI) navigates through its reporting compliance challenges with Nasdaq, the company's financial health and market performance remain focal points for investors. According to InvestingPro data, SPI Energy is currently trading with a market capitalization of approximately $11.03 million. Despite the setbacks in filing, there is an anticipation of net income growth this year, as per one of the InvestingPro Tips.
The company has also experienced a significant return over the last week, with a 1 Week Price Total Return of 11.57%. This could indicate a responsive market to potential positive developments or corrective actions taken by the company. However, the longer-term performance shows a different story, with the 1 Year Price Total Return standing at -65.78%, reflecting the challenges SPI Energy has faced.
InvestingPro Tips suggest that the company operates with a significant debt burden and is quickly burning through cash. These factors, coupled with the delayed financial reporting, could be contributing to the low revenue valuation multiple that SPI Energy is currently trading at. It's worth noting that the company does not pay a dividend to shareholders, which can be a consideration for income-focused investors.
For those interested in a deeper analysis, InvestingPro provides additional tips and metrics on SPI Energy's financial health and market performance. There are a total of 15 InvestingPro Tips available, which offer insights into various aspects of the company's operations and financials, such as profitability, cash flow, and valuation multiples.
Investors can access these tips and more detailed metrics by visiting InvestingPro's dedicated page for SPI Energy at https://www.investing.com/pro/SPI, which may assist in making more informed investment decisions.
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