SolarMax Technology Faces Delisting Concerns
Ticker: SMXT · Form: 8-K · Filed: Nov 1, 2024 · CIK: 1519472
| Field | Detail |
|---|---|
| Company | Solarmax Technology, Inc. (SMXT) |
| Form Type | 8-K |
| Filed Date | Nov 1, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $1, $0.10, $50,000,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rule, compliance
TL;DR
SolarMax might get delisted, filing shows.
AI Summary
SolarMax Technology, Inc. filed an 8-K on November 1, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The earliest event reported was on October 24, 2024. The company is incorporated in Nevada and its principal executive offices are located in Riverside, California.
Why It Matters
This filing indicates potential issues with SolarMax Technology's compliance with stock exchange listing requirements, which could impact its stock trading status and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading on an exchange.
Key Players & Entities
- SolarMax Technology, Inc. (company) — Registrant
- November 1, 2024 (date) — Filing date
- October 24, 2024 (date) — Earliest event reported date
- Nevada (jurisdiction) — State of incorporation
- Riverside, California (location) — Principal executive offices
FAQ
What specific listing rule or standard has SolarMax Technology failed to satisfy?
The filing does not specify the exact rule or standard that SolarMax Technology has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing is October 24, 2024.
In which state is SolarMax Technology, Inc. incorporated?
SolarMax Technology, Inc. is incorporated in Nevada.
What is the address of SolarMax Technology's principal executive offices?
The address of SolarMax Technology's principal executive offices is 3080 12th Street, Riverside, California 92507.
What is the SEC file number for SolarMax Technology, Inc.?
The SEC file number for SolarMax Technology, Inc. is 001-41959.
Filing Stats: 681 words · 3 min read · ~2 pages · Grade level 12.7 · Accepted 2024-11-01 17:15:28
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share SMXT The Nasdaq Stock Mar
- $1 — Company maintain a minimum bid price of $1 per share. The Nasdaq rule provide that
- $0.10 — y's security has a closing bid price of $0.10 or less for ten consecutive trading day
- $50,000,000 — um market value of listed securities of $50,000,000. The Company may consider applying for
Filing Documents
- solarmax_8k.htm (8-K) — 25KB
- 0001640334-24-001631.txt ( ) — 147KB
- solarmax-20241024.xsd (EX-101.SCH) — 6KB
- solarmax-20241024_lab.xml (EX-101.LAB) — 14KB
- solarmax-20241024_cal.xml (EX-101.CAL) — 1KB
- solarmax-20241024_pre.xml (EX-101.PRE) — 9KB
- solarmax-20241024_def.xml (EX-101.DEF) — 2KB
- solarmax_8k_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 24, 2024, SolarMax Technology, Inc. (the "Company") received a notice from The Nasdaq Stock Market that the Company does not meet the Nasdaq Global Market continued listing requirement Rule 5450(a)(1) that the Company maintain a minimum bid price of $1 per share. The Nasdaq rule provide that the Company has a compliance period of 180 calendar days to regain compliance. This period expires on April 22, 2025. To become compliant, the closing bid price of the Company's common stock must be at least $1 for a minimum of ten consecutive business days. If the Company chooses to implement a reverse stock split to increase the bid price of its common stock, which the Company may consider, it must complete the split no later than ten business days prior to the expiration of the compliance period. In the event the Company does not regain compliance with the rule prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. The Nasdaq rules also provide that if during any compliance period a company's security has a closing bid price of $0.10 or less for ten consecutive trading days, the Listing Qualifications Department shall issue a Staff Delisting Determination under Rule 5810 with respect to that security. The notice from Nasdaq described in the preceding paragraph is in addition to the previously announced notice from the Nasdaq Stock Market of the failure of the Company to maintain a minimum market value of listed securities of $50,000,000. The Company may consider applying for a transfer from the Nasdaq Global Market to the Nasdaq Capital Market if it meets the continued listing requirements of the Nasdaq Capital Market.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SolarMax Technology, Inc. By: /s/ David Hsu David Hsu Chief Executive Officer Dated: November 1, 2024 3