SolarMax Technology Receives Notice from Nasdaq Regarding Minimum Bid Price Compliance

SolarMax Technology, Inc. (NASDAQ:SMXT) recently disclosed that it received a notice from The Nasdaq Stock Market indicating its non-compliance with the Nasdaq Global Market continued listing requirement Rule 5450(a)(1). The rule mandates that SolarMax maintains a minimum bid price of $1 per share.

As per the notification, SolarMax has a 180-day compliance period, which concludes on April 22, 2025, to meet this requirement. To achieve compliance, the closing bid price of the company’s common stock must sustain at least $1 for a minimum of ten consecutive business days. The company may consider a reverse stock split to increase the bid price within ten business days before the compliance deadline.

Failure to regain compliance by the stipulated deadline will prompt the company to receive written notification of potential delisting from Nasdaq. Additionally, if SolarMax’s security experiences a closing bid price of $0.10 or less for ten consecutive trading days during any compliance period, it may face a Staff Delisting Determination under Rule 5810.

This notice follows a prior announcement from Nasdaq regarding SolarMax’s inability to maintain a minimum market value of listed securities of $50,000,000. Consequently, SolarMax is contemplating applying for a transfer from the Nasdaq Global Market to the Nasdaq Capital Market, subject to meeting the continued listing requirements of the latter.

For further details on the matter, SolarMax Technology, Inc. has indicated the submission of a Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard, as per Item 3.01 of the Form 8-K filing. The company also pointed to the inclusion of Exhibit 104, which showcases the Cover Page Interactive Data File embedded within the Inline XBRL document.

David Hsu, the Chief Executive Officer of SolarMax Technology, Inc., signed off the report on November 1, 2024, as per the regulatory requirements of the Securities Exchange Act of 1934.

This article is based on the latest developments outlined in SolarMax Technology’s recent SEC filing and Nasdaq notifications.

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.