Energy Focus Receives Conditional Approval for Continued Nasdaq Listing
Solon, Ohio
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May 02, 2023 02:30 PM Eastern Daylight Time
Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems for the commercial, military, maritime and consumer markets, announced that a Hearings Panel of the Nasdaq Stock Market LLC granted its request for continued listing on The Nasdaq Capital Market, subject to conditions discussed below.
Energy Focus previously received a notice of delisting related to its non-compliance with Nasdaq continued listing requirements, including the minimum $1.00 bid price requirement and the minimum $2.5 million stockholders’ equity requirement. The Company requested a hearing before the Nasdaq Hearings Panel, and under Nasdaq listing rules, delisting of the Company’s common stock was stayed during the appeal process.
On April 6, 2023, the Company appeared before the Hearings Panel. The Company provided an update to the Panel on the Company’s substantial progress made during the first quarter of 2023 towards satisfying the stockholders’ equity requirement, as well as the Company’s plans to submit a proposal to stockholders for approval of a reverse stock split at the upcoming 2023 Annual Meeting of Stockholders, which is expected to help satisfy the minimum $1.00 bid price requirement following the effectiveness of the reverse split. Yesterday, the Panel granted the Company’s request to continue the Company’s listing on Nasdaq, subject to the conditions that: (1) on or before May 15, 2023, the Company files with the SEC its quarterly report for the three months ended March 31, 2023 demonstrating compliance with the minimum $2.5 million stockholders equity requirement as of March 31, 2023 and (2) on or before July 7, 2023, the Company shall demonstrate compliance with the minimum $1.00 bid price requirement.
There can be no assurance that the Company will be able to regain compliance with the Stockholders’ equity requirement or the minimum $1.00 bid price requirement or maintain compliance with other Nasdaq listing requirements. If the Company fails to regain compliance with Nasdaq’s continued listing standards in accordance with the Hearing Panel’s conditions, the Company’s common stock will be subject to delisting from Nasdaq.
For the most up-to-date information on all of Energy Focus visit energyfocus.com
Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. In 2023, EFOI announced plans to add high efficiency GaN (gallium nitride) power supply products to its product portfolio. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at energyfocus.com.
Forward-Looking Statements:
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: whether we will meet the stockholders’ equity requirement, market value of listed securities or the bid price requirement during any compliance period or otherwise in the future, or otherwise will meet Nasdaq compliance standards; whether Nasdaq will grant us any relief from delisting as necessary or whether we can agree to or ultimately meet applicable Nasdaq requirements for any such relief; our need for and ability to obtain additional financing in the near term, on acceptable terms or at all, to continue our operations; our ability to refinance or extend maturing debt on acceptable terms or at all; our ability to continue as a going concern for a reasonable period of time. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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