SPI Energy Co., Ltd (SPI)

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July 10, 2017 08:00 ET | Source: SPI Energy Co., Ltd.
HONG KONG, July 10, 2017 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (Nasdaq:SPI), a global clean energy market place for business, residential, government and utility customers and investors, today announced that on July 7, 2017, it received a hearings letter from The Nasdaq Stock Market LLC (“Nasdaq”).

As previously reported, on June 30, 2017, the Company was notified by the Nasdaq Listing Qualification Staff (the “Staff”) that the Company's securities were subject to delisting as a result of the Company's noncompliance with Nasdaq Listing Rule 5250(c). On July 7, 2017, the Company timely submitted a request for a hearing before the Nasdaq Listing Qualifications Panel (the "Panel") and a stay of the delisting. Nasdaq has confirmed that a hearing has been set for August 10, 2017, at which hearing the Company will demonstrate its ability to regain compliance with the particular deficiencies cited by the Staff as well as its ability to sustain long-term compliance with all applicable maintenance criteria. In addition, the delisting action referenced in the Nasdaq Staff’s determination letter has been stayed for 15 calendar days, or until July 22, 2017. Upon expiration of the stay period, the Company's securities will be suspended from trading unless the Panel grants an extension of the stay pending the hearing. The Company will be notified of the Panel’s determination before the expiration of the 15-day stay period.