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VivoPower International PLC (VVPR) has received a notice from Nasdaq regarding non-compliance with listing requirements due to delayed filing of Form 20-F for the period ending June 30, 2024. While this doesn’t affect current listing status, the company has until January 20, 2025 to submit a compliance plan. The delay is attributed to significant strategic changes, including the sale of Aevitas businesses, Tembo business combination, and proposed Caret Digital spin-off. VivoPower aims to file the Form 20-F before month-end to regain compliance. If needed, Nasdaq may grant up to 180 days (until May 19, 2025) for compliance upon plan acceptance.
VivoPower International PLC (VVPR) ha ricevuto una comunicazione da Nasdaq riguardo alla non conformità ai requisiti di quotazione a causa del ritardo nella presentazione del Modulo 20-F per il periodo che termina il 30 giugno 2024. Sebbene ciò non influisca sullo stato attuale della quotazione, l’azienda ha tempo fino al 20 gennaio 2025 per presentare un piano di conformità. Il ritardo è attribuito a significativi cambiamenti strategici, tra cui la vendita delle attività di Aevitas, la combinazione aziendale con Tembo e la proposta di scorporo di Caret Digital. VivoPower punta a presentare il Modulo 20-F entro la fine del mese per riconquistare la conformità. Se necessario, Nasdaq può concedere fino a 180 giorni (fino al 19 maggio 2025) per la conformità dopo l’accettazione del piano.
VivoPower International PLC (VVPR) ha recibido un aviso de Nasdaq sobre el incumplimiento de los requisitos de cotización debido a la presentación tardía del Formulario 20-F para el periodo que termina el 30 de junio de 2024. Aunque esto no afecta el estado actual de la cotización, la compañía tiene hasta el 20 de enero de 2025 para presentar un plan de cumplimiento. El retraso se atribuye a cambios estratégicos significativos, incluida la venta de negocios de Aevitas, la combinación de negocios con Tembo y la propuesta de escisión de Caret Digital. VivoPower tiene como objetivo presentar el Formulario 20-F antes de fin de mes para recuperar la conformidad. Si es necesario, Nasdaq puede conceder hasta 180 días (hasta el 19 de mayo de 2025) para cumplir una vez que se acepte el plan.
VivoPower International PLC (VVPR)는 2024년 6월 30일 종료 기간에 대한 양식 20-F 제출 지연으로 인해 Nasdaq으로부터 상장 요건 불이행에 대한 통지를 받았습니다. 현재의 상장 상태에는 영향을 미치지 않지만, 회사는 2025년 1월 20일까지 준수 계획을 제출해야 합니다. 지연은 Aevitas 사업 매각, Tembo 사업 결합, Caret Digital 분사의 제안 등 중요한 전략적 변화에 기인하고 있습니다. VivoPower는 준수를 회복하기 위해 이번 달 말 이전에 양식 20-F를 제출할 계획입니다. 필요할 경우, Nasdaq은 계획이 수용된 후 최대 180일(2025년 5월 19일까지)까지 준수를 허용할 수 있습니다.
VivoPower International PLC (VVPR) a reçu un avis de Nasdaq concernant le non-respect des exigences de cotation en raison de la soumission tardive du Formulaire 20-F pour la période se terminant le 30 juin 2024. Bien que cela n’affecte pas l’état actuel de la cotation, la société a jusqu’au 20 janvier 2025 pour soumettre un plan de conformité. Le retard est attribué à des changements stratégiques significatifs, y compris la vente des activités d’Aevitas, la combinaison d’affaires avec Tembo et la proposition de scission de Caret Digital. VivoPower vise à déposer le Formulaire 20-F avant la fin du mois afin de retrouver la conformité. Si nécessaire, Nasdaq peut accorder jusqu’à 180 jours (jusqu’au 19 mai 2025) pour la conformité après acceptation du plan.
VivoPower International PLC (VVPR) hat eine Mitteilung von Nasdaq über die Nichterfüllung der Zulassungsvoraussetzungen aufgrund der verspäteten Einreichung des Formulars 20-F für den Zeitraum bis zum 30. Juni 2024 erhalten. Während dies den aktuellen Zulassungsstatus nicht beeinträchtigt, hat das Unternehmen bis zum 20. Januar 2025 Zeit, einen Konformitätsplan einzureichen. Die Verzögerung wird auf erhebliche strategische Veränderungen zurückgeführt, darunter den Verkauf der Aevitas-Geschäfte, die Unternehmensverbindung mit Tembo und die vorgeschlagene Abspaltung von Caret Digital. VivoPower hat das Ziel, das Formular 20-F bis Ende des Monats einzureichen, um die Konformität wiederherzustellen. Gegebenenfalls kann Nasdaq bis zu 180 Tage (bis zum 19. Mai 2025) für die Konformität gewähren, nachdem der Plan akzeptiert wurde.
Positive
- Company maintains current Nasdaq listing status despite non-compliance
- Extended deadline until May 19, 2025 possible if compliance plan is accepted
Negative
- Non-compliance with Nasdaq listing requirements due to delayed Form 20-F filing
- Risk of potential delisting if compliance plan is not accepted
- Non-compliance indicator will be publicly broadcast on Nasdaq’s network
Insights
This Nasdaq compliance issue raises significant red flags. The delay in filing Form 20-F, while attributed to strategic changes, puts VVPR in a precarious position. With a micro-cap valuation of just $7.1 million, the company faces elevated delisting risks if it fails to meet the January 2025 compliance plan deadline. The multiple strategic changes including Aevitas sale, Tembo combination and Caret Digital spin-off suggest complex restructuring that could impact financial stability.
While the company targets filing before month-end, historical patterns show that companies citing “strategic changes” for delayed filings often face deeper operational or financial challenges. The maximum extension to May 2025 provides some buffer, but investors should closely monitor compliance progress given the small market cap and restructuring complexity.
Delay in filing form 20F has been due to the significant strategic changes pursuant to a previously announced strategic review
Notification does not affect the Company’s current listing status
Company has been provided until 20 January 2025 to submit a plan to regain compliance
VivoPower is targeting filing its 20F before the end of this month and will regain compliance upon such filing
LONDON, Nov. 22, 2024 (GLOBE NEWSWIRE) — VivoPower International PLC (Nasdaq: “VVPR”) (the “Company” or “VivoPower”) received a letter (the “Notice”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, due to the Company’s delay in filinge its Form 20-F for the period ending June 30, 2024 (the “Filing”), the Company does not presently complywith Nasdaq Listing Rule 5250(c)(1) for continued listing. Nasdaq’s notice does not affect the Company’s current listing status, and the Company’s common stock remains listed on the Nasdaq Capital Market.
The Company has been provided a 60-calendar-day period, or until January 20, 2025, to submit a plan to regain compliance with the filing requirement.
In the event that the Company is unable to file the Form 20-F by the deadline, it will submit a compliance plan to Nasdaq by January 20, 2025, for Nasdaq’s review. After reviewing the plan, Nasdaq will contact the Company with any questions or comments and will provide written notice of its decision. If Nasdaq does not accept the compliance plan, the Company will have the opportunity to appeal Nasdaq’s decision to a Hearings Panel.
If Nasdaq accepts the compliance plan, the Company could be granted up to 180 calendar days from the Filing’s due date, or until May 19, 2025, to regain compliance with the filing requirement.
The delay in filing the Form 20-F has been due to the extensive strategic changes effectuated by the Company, including the sale of its Aevitas critical power businesses, the business combination agreement involving Tembo and the proposed spin off of Caret Digital, The Company is targeting filing the Form 20-F before the end of this month and regaining compliance.
This Press Release serves as the Company’s public disclosure of the Notice, in accordance with Nasdaq Listing Rule 5810(b). An indicator reflecting the Company’s non-compliance will be broadcast over Nasdaq’s market data dissemination network and will also be made available to third-party market data providers, and the Company will appear on Nasdaq’s list of non-compliant companies starting five business days after the date of the Notice.
About VivoPower
Established in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning global sustainable energy solutions B Corporation company focussed on electric solutions for off-road and on-road customised and ruggedised fleet applications as well as ancillary financing, charging, battery and microgrids solutions. VivoPower’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel covering Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.
Forward-Looking Statements
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
Contact
Shareholder Enquiries
shareholders@vivopower.com
FAQ
What is the deadline for VivoPower (VVPR) to submit its Nasdaq compliance plan?
VivoPower has until January 20, 2025, to submit a plan to regain compliance with Nasdaq’s filing requirements.
Why did VivoPower (VVPR) delay filing its Form 20-F?
The delay is due to extensive strategic changes, including the sale of Aevitas businesses, Tembo business combination, and proposed Caret Digital spin-off.
What happens if Nasdaq doesn’t accept VivoPower’s (VVPR) compliance plan?
If Nasdaq doesn’t accept the compliance plan, VivoPower will have the opportunity to appeal the decision to a Hearings Panel.
