Business
Pioneer Receives Nasdaq Notification of Non-Compliance Related to Delayed Annual Report on Form 10-K
Expects to File 10-K for Year Ended December 31, 2023 in the Coming Weeks FORT LEE, N.J.--(BUSINESS WIRE)-- Pioneer Power Solutions, Inc. (Nasdaq: PPSI)
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"\nExpects to File 10-K for Year Ended December 31, 2023 in the Coming Weeks\n\n\n FORT LEE, N.J.--(BUSINESS WIRE)--\nPioneer 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 April 18, 2024, the Company received a delinquency notification letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of its failure to have timely filed its Annual Report for the year ended December 31, 2023 on Form 10-K (the “Annual Report”) with the Securities and Exchange Commission (the “SEC”).\n\n\nThe delinquency notification letter provides that, under Nasdaq rules for continued listing, the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance. If the Company’s plan is accepted, Nasdaq may grant the Company an exception of up to 180 days from the filing’s due date, or until October 14, 2024, to regain compliance. If Nasdaq does not accept the plan, the Company will have the opportunity to appeal the decision to a Hearings Panel. The delinquency notification letter has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market.\n\n\nThe company expects to file its Annual Report with the SEC in the coming weeks.\n\n\nAbout Pioneer Power Solutions, Inc.\n\n\nPioneer 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.\n\n\nForward-Looking Statements:\n\n\nThis 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. Su...