Pioneer Receives Notification of Delinquency from Nasdaq
August 23 2024 - 4:00PM
Business Wire
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer”
or the “Company”), a leader in the design, manufacture, service and
integration of electrical power systems, distributed energy
resources, power generation equipment and mobile electric vehicle
(“EV”) charging solutions, today announced that on August 21, 2024,
the Company received a delinquency notification letter (the “10-Q
Notice”) from the Listing Qualifications Staff of the Nasdaq Stock
Market LLC (“Nasdaq”) indicating that the Company was not in
compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”)
as a result of the Company's failure to timely file its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2024 (the
“Second Quarterly Report”), and its continued delay in filing its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024
(the “First Quarterly Report,” and together with the Second
Quarterly Report, the “Quarterly Reports”), with the Securities and
Exchange Commission. The 10-Q Notice has no immediate effect on the
listing of the Company’s common stock on the Nasdaq Capital
Market.
The Company previously submitted a plan to Nasdaq to regain
compliance with respect to the Quarterly Reports (the “Plan”), and
Nasdaq granted an exception until September 20, 2024, to file the
Quarterly Reports. The 10-Q Notice provides that the Company has
until September 5, 2024, to update the Plan to regain compliance
with respect to the filing requirements. If the Company’s plan is
accepted, Nasdaq may grant the Company an additional exception of
up to a maximum of 180 calendar days from the due date of the
initial delinquent filing of the Company’s Annual Report on Form
10-K for the year ended December 31, 2023, or until October 14,
2024, to file the Quarterly Reports to regain compliance.
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design,
manufacture, integration, refurbishment, service and distribution
of electric power systems, distributed energy resources, power
generation equipment and mobile EV charging solutions for
applications in the utility, industrial and commercial markets. To
learn more about Pioneer, please visit its website at
www.pioneerpowersolutions.com.
Forward-Looking Statements:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such statements may be preceded by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Such forward-looking statements
include, without limitation, statements regarding the Company’s
anticipated filing of its Quarterly Reports. Forward-looking
statements are not guarantees of future performance, are based on
certain assumptions and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company’s
control, and cannot be predicted or quantified and consequently,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, without limitation, risks and uncertainties
associated with (i) the Company’s ability to successfully increase
its revenue and profit in the future, (ii) general economic
conditions and their effect on demand for electrical equipment,
(iii) the effects of fluctuations in the Company’s operating
results, (iv) the fact that many of the Company’s competitors are
better established and have significantly greater resources than
the Company, (v) the Company’s dependence on two customers for a
large portion of its business, (vi) the potential loss or departure
of key personnel, (vii) unanticipated increases in raw material
prices or disruptions in supply, (viii) the Company’s ability to
realize revenue reported in the Company’s backlog, (ix) future
labor disputes, (x) changes in government regulations, (xi) the
liquidity and trading volume of the Company’s common stock, (xii)
an outbreak of disease, epidemic or pandemic, such as the global
coronavirus pandemic, or fear of such an event, (xiii) risks
associated with litigation and claims, which could impact our
financial results and condition, and (xiv) the Company’s ability to
regain and maintain compliance with the continued listing
requirements of the Nasdaq Capital Market.
More detailed information about the Company and the risk factors
that may affect the realization of forward-looking statements is
set forth in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual and Quarterly Reports on
Form 10-K and Form 10-Q, respectively. Investors and security
holders are urged to read these documents free of charge on the
SEC’s web site at www.sec.gov. The Company assumes no obligation to
publicly update or revise its forward-looking statements as a
result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240823113277/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
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