MCCLELLAN PARK, CA - SPI Energy Co., Ltd. (NASDAQ:SPI), a renewable energy company, has been notified by the Nasdaq Stock Market of non-compliance with listing rules due to delayed financial filings. The company did not file its Quarterly Report for the quarter ended March 31, 2024, on time, following a similar delay with its Annual Report for the year ended December 31, 2023.
The notification from Nasdaq, received on a date earlier than today, indicates that SPI Energy has until June 18, 2024, to submit a plan to regain compliance. If Nasdaq approves the plan, SPI Energy could be granted an extension until October 14, 2024, to file the overdue reports and avoid delisting.
SPI Energy stated it is working diligently to complete the necessary filings. This announcement aligns with Nasdaq Listing Rule 5810(b), which mandates prompt disclosure of a deficiency notification.
Founded in 2006 and headquartered in McClellan Park, California, SPI Energy operates globally with a diversified portfolio that includes commercial and utility solar services, ownership of solar projects, renewable energy solutions for residential and small commercial markets, and solar wafer manufacturing in the United States.
The company's failure to meet the Nasdaq Listing Rule 5250(c)(1) regarding timely filing of periodic reports could lead to the delisting of its shares if compliance is not achieved within the granted timeframe.
SPI Energy, through its subsidiaries, continues to focus on strategic investment opportunities in the green energy industry, leveraging its expertise and solar cash flow. The company's public filings and press releases are available to stockholders, investors, and interested parties under the Investor Relations section of its website or at www.sec.gov.
The information provided is based on a press release statement from SPI Energy Co., Ltd.
InvestingPro Insights
SPI Energy Co., Ltd. (NASDAQ:SPI) is navigating challenging waters with Nasdaq's non-compliance notification, but a deeper dive into the company's financials and market performance reveals critical insights. The company's market capitalization stands at a modest $20.86 million, reflecting its size in the renewable energy sector.
Despite the delayed financial filings, SPI Energy is showing signs of vigorous activity in the stock market with a significant return over the last week of 16.79% and an even more impressive return over the last month at 36.53%. This volatility may be of interest to investors looking for short-term movements.
An InvestingPro Tip suggests the company is trading at a low revenue valuation multiple, which could indicate that the market is undervaluing the company's sales or that investors are cautious due to the recent compliance issues.
Moreover, the company's gross profit margin for the last twelve months as of Q3 2023 stands at 13.29%, which indicates challenges in maintaining profitability against its revenues. This is further substantiated by an InvestingPro Tip highlighting the company's weak gross profit margins.
For investors and analysts keeping a close eye on SPI Energy, the next earnings date is set for May 21, 2024, which could provide further clarity on the company's financial health and compliance efforts. Those interested in a more comprehensive analysis can find additional InvestingPro Tips for SPI Energy, which offer valuable insights into the company's financial and operational status. For a limited time, use coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to the full list of tips and metrics on InvestingPro.
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