Nasdaq: Terraform Global and Terraform Power failed to hold annual meetings in 2016
Post date: 09/01/2017 - 19:01
Terraform Global, Inc., owner and operator of clean energy power plants and yieldco of bankrupt Sunedison Inc., is not in compliance with the »Nasdaq Annual Meeting Rule« (Nasdaq Listing Rule 5620a), which requires the company to hold an annual meeting of shareholders within twelve months of the end of the company’s fiscal year. On January 4, 2017, Terraform Global received a notification letter from the Nasdaq, which stated that the company’s failure to hold its annual meeting by December 31, 2016 serves as an additional basis for delisting the company’s securities and that the panel will consider this matter in their decision regarding the company’s continued listing on the Nasdaq Global Select Market. The notification also stated that the Terraform Global should present its views by January 11, 2017.
As previously disclosed, on November 15, 2016, the Nasdaq granted a request from Terraform Global for an extension until March 27, 2017 in order to regain compliance with Nasdaq’s continued listing requirements with respect to its delayed annual report 2015 and its delayed quarterly report for Q1 2016. Both reports were unveiled in December.
For the same reason, sister company Terraform Power Inc. received a notification letter from the Nasdaq as well.