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SPI Energy (NASDAQ:SPI) has reached a settlement agreement with SINSIN to resolve disputes from a 2014 share sale agreement. The company will pay €45 million in three installments, including €33.05 million from Greek SPVs bank deposits and two subsequent payments of €5 million and €6.95 million.
The settlement involves four Greek SPVs with 26.57 MW total capacity of photovoltaic parks. Upon completion, these projects will be re-consolidated into SPI's portfolio after being deconsolidated in 2017. The reintegrated projects are expected to generate annual revenue of €8-10 million, more than doubling SPI's current 17.51 MW solar capacity.
SINSIN will release all pledges on the Greek SPVs shares and dismiss all legal proceedings in the US, Greece, and Malta following full payment. The company views this settlement as favorable, resolving the dispute at a lower cost than anticipated while enhancing long-term stability.
SPI Energy (NASDAQ:SPI) has received a delisting notice from Nasdaq due to two major compliance issues. First, the company failed to maintain the minimum bid price requirement under Rule 5550(a)(2). Second, it failed to file its Form 10-K for December 2023 and Forms 10-Q for March and June 2024 periods by the October 14, 2024 deadline.
The company has submitted a hearing request before the Nasdaq Hearings Panel, which typically occurs 30-45 days after the request. While the delisting notice has no immediate effect on SPI's listing status, the company must address these compliance issues and follow the Panel hearing procedures to maintain its listing.
SPI Energy's subsidiary, Solar4America (S4A), is set to launch a new line of solar modules featuring Origami Solar's U.S.-based steel frames. This innovative approach significantly reduces the production-related carbon footprint by over 90%, equivalent to a reduction of 80 kilograms per module or 200 metric tons per megawatt. The new modules will range from 550 to 580 Watts and will add 5.3 to 7.0% to domestic content ITC bonus qualification.
This collaboration aims to overcome global supply chain challenges, reduce reliance on imported aluminum, and support domestic job creation. The steel frames, made from recycled materials, offer improved durability and better protection for glass and cells during installation and extreme weather events.
SPI Energy Co., (NASDAQ:SPI) has received a non-compliance notice from Nasdaq due to its failure to timely file the Q2 2024 Form 10-Q. This follows previous notices for late filings of the 2023 Annual Report and Q1 2024 Form 10-Q. Nasdaq has granted SPI Energy an extension until October 14, 2024, to regain compliance by filing all delinquent reports. The company must submit an updated compliance plan by September 4, 2024. While the non-compliance has no immediate effect on SPI's listing, failure to meet the deadline could result in delisting. SPI Energy is working to complete and file the overdue reports as soon as possible.
On May 21, 2024, SPI Energy announced it received a non-compliance notice from Nasdaq due to its failure to file its Q1 2024 10-Q report on time. Previously on April 19, 2024, Nasdaq had notified SPI about a similar issue regarding its FY 2023 10-K report. SPI has until June 18, 2024, to submit a compliance plan, which, if accepted, extends their deadline to October 14, 2024. Failure to comply could result in delisting. The company assures investors it's working diligently to meet these requirements.
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