TerraForm Global (GLBL) Announces Receipt of Nasdaq Letter
BETHESDA, Md., May 18, 2016 (GLOBE NEWSWIRE) — TerraForm Global, Inc. (Nasdaq:GLBL), a global owner and operator of clean energy power plants, today announced that it received a notification letter on May 17, 2016 from a Director of Nasdaq Listing Qualifications. The notification letter stated that because TerraForm Global has not yet filed its Form 10-Q for the quarter ended March 31, 2016 (the “1Q2016 10-Q”), and because it remains delinquent in filing its Form 10-K for the year ended December 31, 2015 (the “2015 10-K”), TerraForm Global is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission (the “SEC”).
The notification letter stated that TerraForm Global has until May 31, 2016 to submit a plan to Nasdaq as to how it plans to regain compliance with Nasdaq’s continued listing requirements. TerraForm Global intends to submit a compliance plan on or prior to that date. If the Nasdaq staff accept TerraForm Global’s plan, they can grant an exception of up to 180 calendar days from the due date of the 2015 10-K (the initial delinquent filing), or until September 26, 2016, to regain compliance. TerraForm Global may regain compliance at any time during the extension period upon filing with the SEC the 1Q2016 10-Q and the 2015 10-K, as well as all subsequent required periodic financial reports that are due within that period.
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If the staff does not accept TerraForm Global’s plan, TerraForm Global will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Nasdaq notification letter has no immediate effect on the listing of TerraForm Global’s common stock on the Nasdaq Global Select Market.
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “goal,” “guidance,” “outlook,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases.
They include, without limitation, statements relating to TerraForm Global’s plans for submitting the compliance plan and for regaining compliance with Nasdaq’s continued listing requirements within the prescribed period? whether or not Nasdaq will accept the plan of compliance? and the extension time, if any, granted by Nasdaq for the filing of the 2015 10-K and 1Q2016 10-Q. These forward-looking statements are based on current expectations as of the date of this filing and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: TerraForm Global’s ability to regain compliance with Nasdaq’s continued listing requirements? whether Nasdaq will accept TerraForm Global’s plan of compliance and grant an extension? the impact of the delay in TerraForm Global’s completion of its financial statements and the filing of its 2015 10-K and 1Q2016 10-Q? as well as additional factors we have described in other filings with the SEC.
The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are described in the filings made by us with the SEC.
TerraForm Global undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
About TerraForm Global
TerraForm Global is a renewable energy company that is changing how energy is generated, distributed and owned. TerraForm Global creates value for its investors by owning and operating clean energy power plants in high-growth emerging markets. For more information about TerraForm Global, please visit: www.terraformglobal.com.