Capstone Green Energy Receives Notification of Deficiency from Nasdaq Related to Delayed Quarterly Report on Form 10-Q
18 August 2023 - 10:30PM
Business Wire
Capstone Green Energy Corporation (NASDAQ: CGRN) announced that
on August 16, 2023, it had received a written notice from the
Nasdaq Listing Qualifications Department of The Nasdaq Stock Market
(Nasdaq) notifying the Company that it was not in compliance with
Nasdaq Listing Rule 5250(c)(1) as a result of not having timely
filed its Quarterly Report on Form 10-Q for the quarter ended June
30, 2023. The Company has also failed to timely file its Annual
Report on Form 10-K for the fiscal year ended March 31, 2023.
The written notice from Nasdaq is only a notification of
deficiency, not of imminent delisting, and has no current effect on
the listing or trading of the Company's securities. Under the
Nasdaq Listing Rules, the Company has 60 calendar days from August
16, 2023, to submit a plan to regain compliance, and if the plan is
accepted, Nasdaq may grant an exception of up to 180 calendar days
from the Form 10-Q's due date, or until February 12, 2024, to
regain compliance.
As previously reported, the Company received a written notice
from the Nasdaq Listing Qualifications Department notifying the
Company that for the last 30 consecutive business days, the
Company's Market Value of Listed Securities ("MVLS") was below the
minimum of $35 million required for continued listing on The Nasdaq
Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2). In
accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company was
provided a period of 180 calendar days, or until September 25,
2023, to regain compliance.
About Capstone Green Energy
Capstone Green Energy (NASDAQ: CGRN) is a leading provider of
customized microgrid solutions, and on-site energy technology
systems focused on helping customers around the globe meet their
environmental, energy savings, and resiliency goals. Capstone Green
Energy focuses on four key business lines. Through its Energy as a
Service (EaaS) business, it offers rental solutions utilizing its
microturbine energy systems and battery storage systems,
comprehensive Factory Protection Plan (FPP) service contracts that
guarantee life-cycle costs, as well as aftermarket parts. Energy
Generation Technologies (EGT) are driven by the Company's
industry-leading, highly efficient, low-emission, resilient
microturbine energy systems offering scalable solutions in addition
to a broad range of customer-tailored solutions, including hybrid
energy systems and larger frame industrial turbines. The Energy
Storage Solutions (ESS) business line designs and installs
microgrid storage systems, creating customized solutions using a
combination of battery technologies and monitoring software.
Through Hydrogen & Sustainable Products (H2S), Capstone Green
Energy offers customers a variety of hydrogen products, including
the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries
and estimates that in FY22, it saved customers over $213 million in
annual energy costs and approximately 388,000 tons of carbon. Total
savings over the last four years are estimated to be approximately
$911 million in energy savings and approximately 1,503,100 tons of
carbon savings.
For customers with limited capital or short-term needs, Capstone
offers rental systems; for more information, contact:
rentals@CGRNenergy.com.
For more information about the Company, please visit
www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on
Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995, including the
statement regarding delivering on commitments and other statements
regarding the Company's expectations, beliefs, plans, intentions,
and strategies. The Company has tried to identify these
forward-looking statements by using words such as "expect,"
"anticipate," "believe," "could," "should," "estimate," "intend,"
"may," "will," "plan," "goal" and similar terms and phrases, but
such words, terms and phrases are not the exclusive means of
identifying such statements. Actual results, performance and
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements due to a variety of
risks, uncertainties and other factors, including, but not limited
to, the following: the impacts of the Company's inability to timely
file its Annual Report on Form 10-K and Quarterly Report on Form
10-Q; the impact of the recent CEO transition on relationships with
customers, vendors, distributors, employees and investors and the
ability of the new CEO to execute on the Company's strategies; the
availability of credit and compliance with the agreements governing
the Company's indebtedness, including as to the Company's
obligation to enter into a transaction support agreement; the
effects and outcome of ongoing reviews and investigations of
financial reporting and other matters; the Company's ability to
develop new products and enhance existing products; product quality
issues, including the adequacy of reserves therefor and warranty
cost exposure; intense competition; financial performance of the
oil and natural gas industry and other general business, industry
and economic conditions; the Company's ability to adequately
protect its intellectual property rights; and the impact of pending
or threatened litigation. For a detailed discussion of factors that
could affect the Company's future operating results, please see the
Company's filings with the Securities and Exchange Commission,
including the disclosures under "Risk Factors" in those filings.
Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
changed circumstances or future events or for any other reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20230818498274/en/
Capstone Green Energy Investor and investment media inquiries:
818-407-3628 ir@CGRNenergy.com
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