Power Solutions International, Inc. (NASDAQ:PSIX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On March23, 2017, Power Solutions International, Inc. (the
Company) (Nasdaq: PSIX) received a notice from the staff of The
Nasdaq Stock Market (Nasdaq) stating that, because the Company
did not timely file its Annual Report on Form 10-K for the year
ended December31, 2016 with the Securities and Exchange
Commission, the Company was not in compliance with Nasdaq Listing
Rule 5250(c)(1), which requires timely filing of periodic
reports. As previously reported, the Company received similar
notices on August16, 2016 and November11, 2016 due to the delay
in filing its Form 10-Q for the second quarter ended June30, 2016
and the third quarter ended September30, 2016, respectively.
Nasdaqs latest notice has no immediate effect on the listing of
the Companys common stock on Nasdaq.
As previously disclosed, the Company requested a hearing before
the Nasdaq Hearings Panel (the Panel), which was held on March9,
2017. At this hearing, the Company requested an automatic stay of
suspension in trading in the Companys common stock, which was
granted pending the issuance of a final Panel decision. The
Company also shared its plan to evidence full compliance with
Nasdaqs filing requirement and requested an extension of time to
do so. The Panel has the discretion to grant the Company an
extension through August7, 2017; however, there can be no
assurance that the Panel will ultimately grant the Companys
request for continued listing on Nasdaq.
On March29, 2017, the Company issued a press release regarding
the foregoing matters. A copy of the press release is filed
herewith as Exhibit 99.1 to this Form 8-K and is incorporated
herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
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Exhibit Number |
Exhibit Description |
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| 99.1 |
Press Release of Power Solutions International, Inc. dated March 29, 2017. |
About Power Solutions International, Inc. (NASDAQ:PSIX)
Power Solutions International, Inc. is a producer and distributor of a range of low-emission power systems that run on non-diesel fuels, such as natural gas, propane and gasoline. The Company’s industrial power systems are used by original equipment manufacturers (OEMs) in a range of industries with a diversified set of applications, including stationary electricity generators, oil and gas equipment, forklifts, aerial work platforms, industrial sweepers, arbor equipment, agricultural and turf equipment, aircraft ground support equipment, construction and irrigation equipment, and other industrial equipment. The Company provides alternative fuel power systems for OEMs of off-highway industrial equipment and on-road medium trucks and busses. In addition to its emission-certified power systems, the Company produces and distributes non-emission-certified power systems for industrial OEMs for particular applications in markets without emission standards. Power Solutions International, Inc. (NASDAQ:PSIX) Recent Trading Information
Power Solutions International, Inc. (NASDAQ:PSIX) closed its last trading session up +0.33 at 8.92 with 317,400 shares trading hands.
