Sunworks Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 2, 2023, Sunworks, Inc. (the “Company”) received a written notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it has failed to comply with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) for the last 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires companies listed on The Nasdaq Capital Market to maintain a minimum closing bid price of at least $1.00 per share (the “Minimum Bid Requirement”).
The Notice has no immediate effect on the listing of the Company’s common stock.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days (the “Compliance Period”) to regain compliance with the Minimum Bid Requirement. To regain compliance with the Minimum Bid Requirement, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the Compliance Period.
If the Company does not regain compliance with the Minimum Bid Requirement during the Compliance Period, it may be eligible for an additional 180 calendar day grace period (the “Second Compliance Period”). To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Requirement, and will need to provide written notice of its intention to cure the deficiency during the Second Compliance Period, by effecting a reverse stock split, if necessary.
The Company is monitoring the bid price of its common stock and will consider options available to it to achieve compliance.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| SUNWORKS, INC. | ||
| Date: October 3, 2023 | By: | /s/ Gaylon Morris |
| Name: | Gaylon Morris | |
| Title: | Chief Executive Officer | |