0001172631 false 0001172631 2023-10-02 2023-10-02 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

 

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): October 2, 2023

 

SUNWORKS, INC.

(Exact Name of the Registrant as Specified in Charter)

 

Delaware   001-36868   01-0592299
(State or Other Jurisdiction   (Commission   (IRS Employer
of Incorporation)   File Number)   Identification No.)

 

1555 Freedom Blvd.    
Provo, UT   84604
(Address of Principal Executive Offices)   (Zip Code)

 

(385) 497-6955

Registrant’s telephone number, including area code

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock, par value $0.001   SUNW   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On October 2, 2023, Sunworks, Inc. (the “Company”) received a written notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it has failed to comply with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) for the last 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires companies listed on The Nasdaq Capital Market to maintain a minimum closing bid price of at least $1.00 per share (the “Minimum Bid Requirement”).

 

The Notice has no immediate effect on the listing of the Company’s common stock.

 

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days (the “Compliance Period”) to regain compliance with the Minimum Bid Requirement. To regain compliance with the Minimum Bid Requirement, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the Compliance Period.

 

If the Company does not regain compliance with the Minimum Bid Requirement during the Compliance Period, it may be eligible for an additional 180 calendar day grace period (the “Second Compliance Period”). To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Requirement, and will need to provide written notice of its intention to cure the deficiency during the Second Compliance Period, by effecting a reverse stock split, if necessary.

 

The Company is monitoring the bid price of its common stock and will consider options available to it to achieve compliance.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SUNWORKS, INC.
     
Date: October 3, 2023 By: /s/ Gaylon Morris
  Name: Gaylon Morris
  Title: Chief Executive Officer

 

 

v3.23.3
Cover
Oct. 02, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 02, 2023
Entity File Number 001-36868
Entity Registrant Name SUNWORKS, INC
Entity Central Index Key 0001172631
Entity Tax Identification Number 01-0592299
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 1555 Freedom Blvd.
Entity Address, City or Town Provo
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84604
City Area Code (385)
Local Phone Number 497-6955
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001
Trading Symbol SUNW
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Sunworks (NASDAQ:SUNW)
Historical Stock Chart
Von Apr 2024 bis Mai 2024 Click Here for more Sunworks Charts.
Sunworks (NASDAQ:SUNW)
Historical Stock Chart
Von Mai 2023 bis Mai 2024 Click Here for more Sunworks Charts.