SolarMax Technology Received Notice of Non-Compliance from Nasdaq, Faces Potential Delisting

SolarMax Technology, Inc. recently disclosed that it has received a notice from The Nasdaq Stock Market indicating non-compliance with Nasdaq Global Market listing rules. The deficiency pertains to the requirement under Rule 5450(b)(2)(A) mandating a minimum market value of listed securities of $50,000,000, a threshold SolarMax Technology has fallen short of meeting.

This notification triggers a compliance period lasting 180 calendar days for SolarMax Technology to rectify the situation. As per the company’s statement, the compliance deadline is set for April 21, 2025. To regain compliance, SolarMax Technology must ensure its minimum market value of listed securities closes at $50,000,000 or higher for at least ten consecutive business days.

In the event SolarMax Technology does not meet the specified criteria within the compliance period, it will receive written notification indicating potential delisting. Subsequently, the company may opt to appeal the delisting decision to a hearing panel. Additionally, SolarMax Technology may explore the possibility of transferring from the Nasdaq Global Market to the Nasdaq Capital Market if it fulfills the ongoing listing prerequisites of the Nasdaq Capital Market.

The company’s latest disclosure was made in a Form 8-K filing with the Securities and Exchange Commission (SEC). SolarMax Technology’s CEO, David Hsu, signed the report. The company specified that if it fails to regain compliance in the stipulated timeframe, there could be further actions leading to potential delisting, as per Nasdaq regulations.

Investors and stakeholders are advised to monitor the situation closely as SolarMax Technology initiates efforts to address the non-compliance issue and fulfill Nasdaq listing requirements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SolarMax Technology’s 8K filing here.

SolarMax Technology Company Profile

SolarMax Technology, Inc, through its subsidiaries, operates as an integrated solar energy company in the United States and China. The company engages in the sale and installation of photovoltaic and battery backup systems; sale of LED systems; and identifying and procuring solar farm projects for resale to third parties, as well as provision of engineering, procuring, and construction services for solar farm projects.