Pineapple Energy Faces Delisting Concerns
Ticker: SUNE · Form: 8-K · Filed: Oct 4, 2024 · CIK: 22701
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
Pineapple Energy's stock is at risk of being delisted due to failing to meet listing standards.
AI Summary
Pineapple Energy Inc. filed an 8-K on October 4, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, effective October 1, 2024. The company, formerly known as Pineapple Holdings, Inc. and Communications Systems Inc., is incorporated in Minnesota and has its principal executive offices in Minnetonka, MN.
Why It Matters
This filing indicates potential issues with Pineapple Energy's compliance with stock exchange listing requirements, which could impact its stock's tradability and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event that directly threatens the company's public trading status.
Key Players & Entities
- Pineapple Energy Inc. (company) — Registrant
- Pineapple Holdings, Inc. (company) — Former Company Name
- Communications Systems Inc. (company) — Former Company Name
- October 1, 2024 (date) — Effective date of notice
- October 4, 2024 (date) — Filing date
- Minnetonka, MN (location) — Principal Executive Offices
FAQ
What is the specific reason for Pineapple Energy Inc.'s potential delisting?
The filing states it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify the exact rule or standard not met.
When did the notice of delisting become effective?
The notice of delisting or failure to satisfy a continued listing rule or standard was effective as of October 1, 2024.
What was Pineapple Energy Inc. previously known as?
Pineapple Energy Inc. was formerly known as Pineapple Holdings, Inc. and prior to that, Communications Systems Inc.
Where are Pineapple Energy Inc.'s principal executive offices located?
The principal executive offices of Pineapple Energy Inc. are located at 10900 Red Circle Drive, Minnetonka, MN 55343.
What form type is this filing?
This filing is a Form 8-K, a Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 1,095 words · 4 min read · ~4 pages · Grade level 15.5 · Accepted 2024-10-04 17:19:14
Key Financial Figures
- $1.00 — intained a minimum closing bid price of $1.00 per share (the "Minimum Bid Price Requi
Filing Documents
- pegy241055_8k.htm (8-K) — 33KB
- 0000897101-24-000525.txt ( ) — 202KB
- pegy-20240923.xsd (EX-101.SCH) — 3KB
- pegy-20240923_lab.xml (EX-101.LAB) — 33KB
- pegy-20240923_pre.xml (EX-101.PRE) — 22KB
- pegy241055_8k_htm.xml (XML) — 3KB
01
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 1, 2024, Pineapple Energy, Inc. (the "Company") received a letter (the "Minimum Bid Price Deficiency Letter") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market ("Nasdaq") notifying the Company that, for the 30 consecutive business day period from August 16 through September 30, 2024, the Company's common stock had not maintained a minimum closing bid price of $1.00 per share (the "Minimum Bid Price Requirement") required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The Nasdaq letter does not result in the immediate delisting of the Company's common stock from The Nasdaq Capital Market. Normally, a company would be afforded a 180-calendar day period ("Cure Period") to demonstrate compliance with the Minimum Bid Price Requirement. However, pursuant to the previously disclosed Nasdaq hearing panel decision, dated July 18, 2024, the Company was subject to a mandatory panel monitor ("Panel") under Nasdaq's listing Rule 5815(d)(4)(B) for a period of one year. Accordingly, due to the most recent minimum bid price deficiency, as is customary in similar situations, the Staff notified the Company that it will not be afforded a Cure Period. Instead, the Company is offered an opportunity to appeal any deficiency related to a delisting determination to Nasdaq by or before October 8, 2024. Accordingly, unless the Company timely requests a hearing before a Hearings Panel, the Company's securities would be subject to suspension/delisting. The Company intends to timely request a hearing before the Hearing Panel. The hearing request will automatically stay any suspension or delisting action pending the hearing and the expiration of any additional extension period if granted by the Panel following the hearing. There can be no assurance that the Panel will grant the Company an
SIGNATUREs
SIGNATUREs 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, thereunto duly authorized. PINEAPPLE ENERGY INC. By: /s/ James Brennan James Brennan Chief Operating Officer Date: October 4, 2024