Business
Pioneer Receives Notification of Delinquency from Nasdaq
FORT LEE, N.J.--(BUSINESS WIRE)-- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” or the “Company”), a leader in the design, manufacture, service and
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":" 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 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.\n\n\nThe 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.\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-look...