SPI Energy Co., Ltd. on May 25 received a notification letter from the Nasdaq Stock Market's listing qualifications department indicating that for the last 30 consecutive business days, the company's bid price per American depository share had closed below the minimum $1.00 per share.
The company said the notification letter does not cause the immediate delisting of SPI's securitires, according to a June 1 release.
SPI Energy has 180 calendar days, or until Nov. 21, to regain compliance with the minimum closing bid price requirement.
The company will regain compliance with the Nasdaq rule and receive a written confirmation of compliance if, at any time before the compliance period, the bid price of its securities closes at $1.00 per share or more for a minimum of 10 consecutive business days.
In the event that SPI Energy does not regain compliance by Nov. 21, it may transfer its securities to the Nasdaq Capital Market, where it may be eligible for an additional 180 day compliance period if it meets the initial listing requirements.