Pioneer Receives Notification of Delinquency from Nasdaq
May 30 2024 - 4:01PM
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 May 24, 2024,
the Company received a delinquency notification letter (the “10-Q
Notice”) 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) (the “Listing Rule”)
as a result of the Company's failure to have timely filed its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024
(the “Quarterly Report”), and its continued delay in filing its
Annual Report on Form 10-K for the year ended December 31, 2023
(the “Annual Report”), 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 10-Q Notice provides that the Company has until June 17,
2024, to submit a plan to regain compliance with respect to the
delinquent reports. If the Company’s plan is accepted, Nasdaq may
grant the Company an exception of up to 180 days from the due date
of the initial delinquent filing, 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.
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 Annual Report and Quarterly Report.
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/20240530666485/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
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