Home Energy & Mining SPI Energy Co Ltd (OTCMKTS:SOPW) On The Brink of Nasdaq Delisting

SPI Energy Co Ltd (OTCMKTS:SOPW) On The Brink of Nasdaq Delisting

Side view of disappointed businessman looking at chart showing economic recession


SPI Energy Co Ltd (OTCMKTS:SOPW) was a big mover in Thursday’s trading session after announcing the completion of a Private Placement and the repurchase of EnSync Shares.  The news comes on the heels of the company confirming it had received a delisting Notice from the Nasdaq Stock market. The stock was up by 16.18% to end the day at $1.598 a share.  The stock continues to trade in a downtrend having spiked to highs of $2.50 a share last month.

NASDAQ Delisting Concern

SPI Energy Co Ltd (OTCMKTS:SOPW) is a provider of photo-voltaic solutions targeting businesses residential customers and government agencies. The company also provides, a range of engineering, procurement, and construction services to third party projected developers.

The company’s continued listing on the NASDAQ exchange has, however, come into question. The NASDAQ market alleges that the company does not comply with Nasdaq Listing Rule 5250(C) which, if not addressed, could result in the stock being struck from the Listing Exchange.

SPI Energy Co Ltd (OTCMKTS:SOPW) has already submitted a request before the NASDAQ where it plans to make its case on how it intends to regain compliance within the stipulated time. A hearing is set for August 10, 2017.

Stock Offering

Separately, SPI Energy Co Ltd (OTCMKTS:SOPW) has announced that the Tiger Fund has agreed to assign the rights and obligations of its shares to a third party. In April, the company issued a stack of 80,000,000 ordinary shares to the fund at a purchase price of $5.76 million. The fund has since assigned the shares to Qian Kun Prosperous Times Investment Limited for an aggregate purchase price of $5.76 million. The transaction was completed on July 12, 2017.

In addition, SPI Energy subsidiary SPI Solar has repurchased shares of C-1 preferred stock from Melodius Investment company at a per share price of $1,018.25. The total repurchase consideration from the transaction is $11.6 million plus interest.  SPI Solar now holds 28 million shares of Series C preferred stock following completion of the repurchase.

Separately, SPI Energy Co Ltd (OTCMKTS:SOPW) has completed grid connection of 3.28 megawatts DG project in Suqian Jiangsu Province China.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Jack arrived in the USA from Scotland over 20 years ago to study chemistry. His studies led him to a job with a Fortune 500 company and then to a stint as an analyst for a private equity firm. After the 2008 market meltdown Jack returned to Scotland where he works full-time as an analyst and travel writer.