VivoPower International PLC Receives Notice from Nasdaq Regarding Compliance with Form 20-F Filing Requirements

Rhea-AI Summary

VivoPower International PLC (VVPR) has received a notice from Nasdaq regarding non-compliance with listing requirements due to delayed filing of Form 20-F for the period ending June 30, 2024. While this doesn't affect current listing status, the company has until January 20, 2025 to submit a compliance plan. The delay is attributed to significant strategic changes, including the sale of Aevitas businesses, Tembo business combination, and proposed Caret Digital spin-off. VivoPower aims to file the Form 20-F before month-end to regain compliance. If needed, Nasdaq may grant up to 180 days (until May 19, 2025) for compliance upon plan acceptance.

Positive

• Company maintains current Nasdaq listing status despite non-compliance
• Extended deadline until May 19, 2025 possible if compliance plan is accepted

Negative

• Non-compliance with Nasdaq listing requirements due to delayed Form 20-F filing
• Risk of potential delisting if compliance plan is not accepted
• Non-compliance indicator will be publicly broadcast on Nasdaq's network

Delay in filing form 20F has been due to the significant strategic changes pursuant to a previously announced strategic review

Notification does not affect the Company’s current listing status

Company has been provided until 20 January 2025 to submit a plan to regain compliance

VivoPower is targeting filing its 20F before the end of this month and will regain compliance upon such filing

LONDON, Nov. 22, 2024 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: “VVPR”) (the “Company” or “VivoPower”) received a letter (the “Notice”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, due to the Company’s delay in filinge its Form 20-F for the period ending June 30, 2024 (the “Filing”), the Company does not presently complywith Nasdaq Listing Rule 5250(c)(1) for continued listing. Nasdaq’s notice does not affect the Company’s current listing status, and the Company’s common stock remains listed on the Nasdaq Capital Market.

The Company has been provided a 60-calendar-day period, or until January 20, 2025, to submit a plan to regain compliance with the filing requirement.

In the event that the Company is unable to file the Form 20-F by the deadline, it will submit a compliance plan to Nasdaq by January 20, 2025, for Nasdaq’s review. After reviewing the plan, Nasdaq will contact the Company with any questions or comments and will provide written notice of its decision. If Nasdaq does not accept the compliance plan, the Company will have the opportunity to appeal Nasdaq’s decision to a Hearings Panel.

If Nasdaq accepts the compliance plan, the Company could be granted up to 180 calendar days from the Filing’s due date, or until May 19, 2025, to regain compliance with the filing requirement.

The delay in filing the Form 20-F has been due to the extensive strategic changes effectuated by the Company, including the sale of its Aevitas critical power businesses, the business combination agreement involving Tembo and the proposed spin off of Caret Digital, The Company is targeting filing the Form 20-F before the end of this month and regaining compliance.

This Press Release serves as the Company’s public disclosure of the Notice, in accordance with Nasdaq Listing Rule 5810(b). An indicator reflecting the Company’s non-compliance will be broadcast over Nasdaq’s market data dissemination network and will also be made available to third-party market data providers, and the Company will appear on Nasdaq’s list of non-compliant companies starting five business days after the date of the Notice.

About VivoPower 

Established in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning global sustainable energy solutions B Corporation company focussed on electric solutions for off-road and on-road customised and ruggedised fleet applications as well as ancillary financing, charging, battery and microgrids solutions. VivoPower’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel covering Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.

Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.

Contact 

Shareholder Enquiries 
shareholders@vivopower.com 

FAQ

What is the deadline for VivoPower (VVPR) to submit its Nasdaq compliance plan?

VivoPower has until January 20, 2025, to submit a plan to regain compliance with Nasdaq's filing requirements.

Why did VivoPower (VVPR) delay filing its Form 20-F?

The delay is due to extensive strategic changes, including the sale of Aevitas businesses, Tembo business combination, and proposed Caret Digital spin-off.

What happens if Nasdaq doesn't accept VivoPower's (VVPR) compliance plan?

If Nasdaq doesn't accept the compliance plan, VivoPower will have the opportunity to appeal the decision to a Hearings Panel.