ENPHASE ENERGY, INC. (NASDAQ:ENPH) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

ENPHASE ENERGY, INC. (NASDAQ:ENPH) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

On June 23, 2017, Enphase Energy, Inc. (the “Company”) was notified by the Nasdaq Stock Market LLC (“Nasdaq”) that for the previous 30 consecutive business days the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”).
That notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market.
Under Nasdaq Listing Rule 5810(c)(3)(A), if the minimum bid price of the Company’s common stock meets or exceeds $1.00 per share for a minimum of ten consecutive business days during the 180-day period following June 23, 2017, Nasdaq will provide the Company with written confirmation of compliance with the Minimum Bid Price Requirement and this matter will be closed.
If the Company does not achieve compliance with the Minimum Bid Price Requirement by December 20, 2017, the Company may be eligible for an additional 180-calendar-day compliance period if it elects to transfer to the Nasdaq Capital Market. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq would notify the Company that its securities would be subject to delisting. In the event of such notification, the Company may appeal Nasdaq’s determination to delist its securities, but there can be no assurance Nasdaq would grant the Company’s request for continued listing.
The Company intends to monitor the closing bid price of its common stock and will consider available options to regain compliance with the Minimum Bid Price Requirement, including a reverse stock split.

About ENPHASE ENERGY, INC. (NASDAQ:ENPH)

Enphase Energy, Inc. is a provider of energy management solutions. The Company is engaged in designing, developing, manufacturing and selling microinverter systems for the solar photovoltaic industry. Its semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity. Its microinverter system consists of three components: Enphase microinverters, an Envoy gateway and Enlighten cloud-based software. Its Enphase microinverters provide power conversion at the individual solar module level by a digital architecture that incorporates custom application specific integrated circuits (ASIC), specialized power electronics devices, and an embedded software subsystem. Envoy bi-directional communications gateway provides collecting and sending data to Enlighten software. Enlighten cloud-based software provides the capabilities to remotely monitor, manage, and maintain an individual system or a fleet of systems.

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