Capstone Green Energy Receives Notifications from Nasdaq Related to Delayed Annual Report on Form 10-K and Minimum Bid Price Deficiency
14 Setembro 2023 - 5:15PM
Business Wire
Capstone Green Energy Corporation (NASDAQ: CGRN) announced that
on September 12, 2023 it received a written notice from the Nasdaq
Listing Qualifications Department of The Nasdaq Stock Market
(Nasdaq) notifying the Company that it was not in compliance with
Nasdaq Listing Rule 5250(c)(1) as a result of not having timely
filed its Annual Report on Form 10-K for the year ended March 31,
2023. The Company has also failed to timely file its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2023 and issued
a press release on August 18, 2023 announcing that it had received
written notice from the Nasdaq Listing Qualifications Department of
the Nasdaq notifying the Company that it was not in compliance with
Nasdaq Listing Rule 5250(c)(1) as a result of not having timely
filed its Quarterly Report on Form 10-Q for the quarter ended June
30, 2023. The written notice from Nasdaq is only a notification of
deficiency, not of imminent delisting.
On September 12, 2023, the Company also received a written
notice from the Nasdaq Listing Qualifications Department of the
Nasdaq notifying the Company that it is not in compliance with the
minimum bid price requirements set forth in Nasdaq Listing Rule
5550(a)(2) for continued listing on The Nasdaq Capital Market.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of $1.00 per share, and Nasdaq Listing
Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid
price requirement exists if the deficiency continues for a period
of 30 consecutive business days. Based on the closing bid price of
the Company’s common stock between July 28, 2023 and September 11,
2023, the Company no longer meets the minimum bid price
requirement. In accordance with Nasdaq Listing Rule 5810(c)(3)(A),
the Company has been provided an initial period of 180 calendar
days, or until March 11, 2024, to regain compliance.
Additionally, as previously reported, the Company received a
written notice from the Nasdaq Listing Qualifications Department
notifying the Company that for the last 30 consecutive business
days, the Company’s Market Value of Listed Securities (“MVLS”) was
below the minimum of $35 million required for continued listing on
The Nasdaq Capital Market pursuant to Nasdaq Listing Rule
5550(b)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(C),
the Company was provided a period of 180 calendar days, or until
September 25, 2023, to regain compliance.
About Capstone Green Energy
Capstone Green Energy (NASDAQ: CGRN) is a leading provider of
customized microgrid solutions, and on-site energy technology
systems focused on helping customers around the globe meet their
environmental, energy savings, and resiliency goals. Capstone Green
Energy focuses on four key business lines. Through its Energy as a
Service (EaaS) business, it offers rental solutions utilizing its
microturbine energy systems and battery storage systems,
comprehensive Factory Protection Plan (FPP) service contracts that
guarantee life-cycle costs, as well as aftermarket parts. Energy
Generation Technologies (EGT) are driven by the Company's
industry-leading, highly efficient, low-emission, resilient
microturbine energy systems offering scalable solutions in addition
to a broad range of customer-tailored solutions, including hybrid
energy systems and larger frame industrial turbines. The Energy
Storage Solutions (ESS) business line designs and installs
microgrid storage systems, creating customized solutions using a
combination of battery technologies and monitoring software.
Through Hydrogen & Sustainable Products (H2S), Capstone Green
Energy offers customers a variety of hydrogen products, including
the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries
and estimates that in FY22, it saved customers over $213 million in
annual energy costs and approximately 388,000 tons of carbon. Total
savings over the last four years are estimated to be approximately
$911 million in energy savings and approximately 1,503,100 tons of
carbon savings.
For customers with limited capital or short-term needs, Capstone
offers rental systems; for more information, contact:
rentals@CGRNenergy.com.
For more information about the Company, please visit
www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on
Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995, including the
other statements regarding the Company's expectations, beliefs,
plans, intentions, and strategies. The Company has tried to
identify these forward-looking statements by using words such as
"expect," "anticipate," "believe," "could," "should," "estimate,"
"intend," "may," "will," "plan," "goal" and similar terms and
phrases, but such words, terms and phrases are not the exclusive
means of identifying such statements. Actual results, performance
and achievements could differ materially from those expressed in,
or implied by, these forward-looking statements due to a variety of
risks, uncertainties and other factors, including, but not limited
to, the following: the impacts of the Company’s inability to timely
file its Annual Report on Form 10-K and Quarterly Report on Form
10-Q; when or whether the Company will be able to regain compliance
with Nasdaq’s continued listing requirements; the impact of the
recent CEO transition on relationships with customers, vendors,
distributors, employees and investors and the ability of the new
CEO to execute on the Company’s strategies; the Company’s ability
to meet its liquidity requirements; compliance with the agreements
governing the Company's indebtedness, including as to the Company’s
obligation to enter into a transaction support agreement; the
effects and outcome of ongoing reviews and investigations of
financial reporting and other matters; the Company's ability to
develop new products and enhance existing products; product quality
issues, including the adequacy of reserves therefor and warranty
cost exposure; intense competition; general business, industry and
economic conditions; the Company's ability to adequately protect
its intellectual property rights; and the impact of pending or
threatened litigation. For a detailed discussion of factors that
could affect the Company's future operating results, please see the
Company's filings with the Securities and Exchange Commission,
including the disclosures under "Risk Factors" in those filings.
Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
changed circumstances or future events or for any other reason.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230914126734/en/
Capstone Green Energy Investor and investment media inquiries:
818-407-3628 ir@CGRNenergy.com
Capstone Green Energy (NASDAQ:CGRN)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Capstone Green Energy (NASDAQ:CGRN)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024