EFOI - Energy Focus Receives Conditional Approval for Continued Nasdaq Listing
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Energy Focus, Inc.(NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting andcontrols systems for the commercial, military, maritime and consumermarkets, announced that a Hearings Panel of the Nasdaq Stock MarketLLC granted its request for continued listing on The Nasdaq CapitalMarket, subject to conditions discussed below.
Energy Focus previouslyreceived a notice of delisting related to its non-compliance withNasdaq continued listing requirements, including the minimum $1.00 bidprice requirement and the minimum $2.5 million stockholders’ equityrequirement. The Company requested a hearing before the NasdaqHearings Panel, and under Nasdaq listing rules, delisting of theCompany’s common stock was stayed during the appeal process.
On April 6, 2023, theCompany appeared before the Hearings Panel. The Company provided anupdate to the Panel on the Company’s substantial progress madeduring the first quarter of 2023 towards satisfying thestockholders’ equity requirement, as well as the Company’s plansto submit a proposal to stockholders for approval of a reverse stocksplit at the upcoming 2023 Annual Meeting of Stockholders, which isexpected to help satisfy the minimum $1.00 bid price requirementfollowing the effectiveness of the reverse split. Yesterday, thePanel granted the Company’s request to continue the Company’slisting on Nasdaq, subject to the conditions that: (1) on or beforeMay 15, 2023, the Company files with the SEC its quarterly report forthe three months ended March 31, 2023 demonstrating compliance withthe minimum $2.5 million stockholders equity requirement as of March31, 2023 and (2) on or before July 7, 2023, the Company shalldemonstrate compliance with the minimum $1.00 bid pricerequirement.
Therecan be no assurance that the Company will be able to regain compliancewith the Stockholders’ equity requirement or the minimum $1.00 bidprice requirement or maintain compliance with other Nasdaq listingrequirements. If the Company fails to regain compliance withNasdaq’s continued listing standards in accordance with the HearingPanel’s conditions, the Company’s common stock will be subject todelisting from Nasdaq.
For the most up-to-date information on all of Energy Focusvisit energyfocus.com
Energy Focus is an industry-leading innovatorof sustainable light-emitting diode (“LED”) lighting and lightingcontrol technologies and solutions. As the creator of the firstflicker-free LED lamps, Energy Focus develops high quality LEDlighting products and controls that provide extensive energy andmaintenance savings, as well as aesthetics, safety, health andsustainability benefits over conventional lighting. In 2023, EFOIannounced plans to add high efficiency GaN (gallium nitride) powersupply products to its product portfolio. Energy Focus isheadquartered in Solon, Ohio. For more information, visit our websiteat energyfocus.com.
Forward-LookingStatements:
Forward-looking statements in this release aremade pursuant to the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995. These statements can generally beidentified by the use of forward-looking terminology, including theterms “believes,” “estimates,” “anticipates,”“expects,” “feels,” “seeks,” “forecasts,”“projects,” “intends,” “plans,” “may,” “will,”“should,” “could” or “would” or, in each case, theirnegative or other variations or comparable terminology. Theseforward-looking statements include all matters that are not historicalfacts and include statements regarding our intentions, beliefs orcurrent expectations concerning, among other things, our results ofoperations, financial condition, liquidity, prospects, growth,strategies, capital expenditures, and the industry in which weoperate. By their nature, forward-looking statements involve risks anduncertainties because they relate to events and depend oncircumstances that may or may not occur in the future. Although webase these forward-looking statements on assumptions that we believeare reasonable when made in light of the information currentlyavailable to us, we caution you that forward-looking statements arenot guarantees of future performance and that our actual results ofoperations, financial condition and liquidity, and industrydevelopments may differ materially from statements made in orsuggested by the forward-looking statements contained in this release.We believe that important factors that could cause our actual resultsto differ materially from forward-looking statements include, but arenot limited to: whether we will meet the stockholders’ equityrequirement, market value of listed securities or the bid pricerequirement during any compliance period or otherwise in the future,or otherwise will meet Nasdaq compliance standards; whether Nasdaqwill grant us any relief from delisting as necessary or whether we canagree to or ultimately meet applicable Nasdaq requirements for anysuch relief; our need for and ability to obtain additional financingin the near term, on acceptable terms or at all, to continue ouroperations; our ability to refinance or extend maturing debt onacceptable terms or at all; our ability to continue as a going concernfor a reasonable period of time. For additional factors that couldcause our actual results to differ materially from the forward-lookingstatements, please refer to our most recent annual report on Form 10-Kand quarterly reports on Form 10-Q filed with the Securities andExchange Commission. Except as required by law, we do not undertakeany obligation to publicly update or review any forward-lookingstatement, whether as a result of new information, future developmentsor otherwise.
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