In a market that has seen its fair share of volatility, SPI Energy Co Ltd has managed to carve out a moment of triumph, with its stock reaching a 52-week high of $0.76. The stock has shown remarkable momentum with an 11.49% gain in the past week, according to InvestingPro data. This peak comes as a notable point in the company's recent financial journey, with analysts setting a price target of $1.25, despite a significant -43.41% decline over the past year. Investors are closely monitoring SPI Energy's performance, as this new high could signal a turning point for the renewable energy firm's stock trajectory in the coming months. InvestingPro subscribers can access 7 additional key insights about SPI Energy's financial health and market position.
In other recent news, SPI Energy Co., Ltd., a global renewable energy firm, is facing potential delisting from the Nasdaq Capital Market due to non-compliance with listing rules. The company failed to meet Nasdaq's minimum bid price and filing requirements, and has not yet filed its annual report for the fiscal year ended December 31, 2023, along with its quarterly reports for periods ended March 31, 2024, and June 30, 2024. These lapses led to a violation of Nasdaq Listing Rule 5250(c)(1), and the company did not meet the extended deadline of October 14, 2024, set by Nasdaq for report submissions.
SPI Energy has been given the opportunity to appeal the delisting notice and must request a hearing with the Nasdaq Hearings Panel by October 22, 2024. The appeal process will temporarily stay the suspension of the company's securities, with hearings expected to occur approximately 30-45 days after the hearing request.
In addition to these developments, SPI Energy has been grappling with other Nasdaq compliance issues due to delayed financial report filings. The company has been granted an extension until October 14, 2024, to file overdue reports and regain compliance, and must submit an updated compliance plan by September 4, 2024. If this updated plan is not accepted, SPI Energy has the option to appeal to a Nasdaq Hearings Panel.
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