[25-NSE] SPI Energy Co., Ltd. Ordinary Shares SEC Filing

Rhea-AI Filing Summary

SPI Energy Co., Ltd. has submitted a Form 25 with the U.S. Securities and Exchange Commission to remove its ordinary shares (Commission File No. 001-37678) from listing and registration on the Nasdaq Stock Market LLC under Section 12(b) of the Securities Exchange Act of 1934.

The filing, signed on 25 June 2025 by Nasdaq Hearings Advisor Aravind Menon, certifies that both the Exchange and, where applicable, the issuer have met the requirements of 17 CFR 240.12d2-2(b) and (c). No financial data, earnings information, or major transactional details accompany the notice.

Upon effectiveness, SPI Energy’s shares will be delisted from Nasdaq and their Section 12(b) registration withdrawn. The document does not specify the effective date or provide reasons for the delisting.

Positive

• None.

Negative

• Nasdaq delisting: Form 25 initiates removal of SPI Energy’s ordinary shares from Nasdaq, terminating Section 12(b) registration.

Insights

Securities Analyst

TL;DR: SPI Energy is being delisted from Nasdaq; Form 25 filed, negative for liquidity and visibility.

The Form 25 formally initiates removal of SPI Energy’s ordinary shares from Nasdaq, ending Section 12(b) registration. Delisting typically reduces share liquidity and analyst coverage, although the filing itself gives no rationale or effective date. From a capital-markets perspective this is materially negative because access to a major U.S. exchange—and the attendant investor base—will cease once the Form 25 becomes effective.

Corporate Governance Expert

TL;DR: Nasdaq certifies compliance to strike SPI shares; signals governance or compliance issues unresolved.

Nasdaq’s certification under 17 CFR 240.12d2-2(b) suggests the Exchange, not simply the issuer, is driving the delisting. While reasons are undisclosed, forced removals usually stem from listing-rule violations or prolonged non-compliance. The filing highlights a significant governance red flag, requiring investors to reassess oversight and reporting quality. Absent additional disclosure, the impact skews negative.

UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

001-37678

Issuer:	SPI Energy Co., Ltd.
Exchange:	Nasdaq Stock Market LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	26 Harbour Road
	Suite 2703, 27/F
	Hong Kong	CHINA	00000
Telephone number:					+ 852 2291 6020

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

Ordinary Shares

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, Nasdaq Stock Market LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-06-25	By	Aravind Menon		Hearings Advisor
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What SEC document did SPI Energy (SPI) file on 25 June 2025?

SPI Energy filed Form 25, notifying the removal of its ordinary shares from Nasdaq listing and registration.

Which exchange is involved in SPI Energy’s Form 25 delisting?

The Nasdaq Stock Market LLC filed the Form 25 and certified compliance with delisting rules.

What class of SPI Energy securities is being removed?

The filing concerns SPI Energy’s ordinary shares.

Under which SEC rule is the delisting carried out?

The notice cites 17 CFR 240.12d2-2(b) and (c), governing exchange-initiated and issuer-initiated removals.

Does the Form 25 provide the effective date of delisting?

No. The document states the filing date (25 June 2025) but does not specify the effective delisting date.