The time needed by TerraForm Global Inc (NASDAQ:GLBL) to regain the continued listing requirements of Nasdaq has been extended up to June 30, 2017. This is in connection with the failure of the renewable energy company to hold an annual meeting in the financial year that ended on December 31, 2016. It is also with respect to 2017’s Q1 Form 10-Q and Form 10-K for the financial year that ended on December 31, 2016.
Notification letter
Earlier in the month, TerraForm Global had announced that it had received a notification letter from the director of listing qualifications at Nasdaq. The letter had warned that the operator of green energy power plants was in violation of a Nasdaq listing rule for failing to file periodic reports in a timely manner with the U.S. Securities and Exchange Commission.
Additionally, the notification letter noted that TerraForm Global had regained some level of compliance by filing Form 10-Q for a reporting period that ended on September 30, 2016. However, the notification letter noted that TerraForm Global was still in violation of another rule over the failure to file Form 10-K for the financial year that ended on December 31, 2016.
Chapter 11 bankruptcy
TerraForm Global’s violation of Nasdaq listing rules started with the declaration of bankruptcy of SunEdison as the two were closely joined. Other than this year, the renewable energy firm has severally failed to comply with Nasdaq rules or has been late in complying with the rules and regulations. Numerous notices and notification letters have thus had to be sent to the clean energy company.
Other issues that have compounded matters for TerraForm Global include a high number of court cases. Some of them involve lawsuits that have been filed against SunEdison following the Chapter 11 bankruptcy proceedings. Former employees and directors of the company have also filed complaints claiming retaliatory termination of their services. There have also been lawsuits that have been filed in India as well as arbitration requests in other countries such as Brazil.
On Tuesday shares of TerraForm Global Inc settled at $4.90 having ranged between $4.85 and $4.95 throughout the session.
