Pioneer Power Solutions, Inc. (Nasdaq: PPSI), a prominent player in the design, manufacture, and service of electrical power systems and mobile electric vehicle (EV) charging solutions, announced today that it received a delinquency notification from Nasdaq on August 21, 2024. The notice, referred to as the “10-Q Notice,” indicates that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2024 (the “Second Quarterly Report”), as well as the ongoing delay in filing its Quarterly Report for the quarter ending March 31, 2024 (the “First Quarterly Report”).
The 10-Q Notice does not immediately affect the listing status of Pioneer’s common stock on the Nasdaq Capital Market. The Company had previously submitted a plan to Nasdaq to address this issue and has been granted an extension until September 20, 2024, to file the overdue Quarterly Reports. The 10-Q Notice stipulates that Pioneer must update its plan by September 5, 2024, to regain compliance. If Nasdaq accepts the updated plan, the Company may be granted an additional extension of up to 180 calendar days from the due date of its Annual Report on Form 10-K for the year ended December 31, 2023, potentially extending the filing deadline for the Quarterly Reports to October 14, 2024.
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leading provider of electrical power systems, distributed energy resources, power generation equipment, and mobile EV charging solutions, serving the utility, industrial, and commercial markets. For more information about Pioneer, please visit www.pioneerpowersolutions.com.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Such statements, which may include terms like “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” and similar terms, reflect the Company’s expectations and assumptions about future events. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include, but are not limited to, the Company’s ability to increase revenue and profit, economic conditions affecting demand, competition, reliance on key customers, potential loss of key personnel, raw material price fluctuations, regulatory changes, and other factors.
For more detailed information on risks and uncertainties, please refer to the Company’s SEC filings, including its Annual and Quarterly Reports on Forms 10-K and 10-Q, available at www.sec.gov. The Company does not undertake to update or revise forward-looking statements unless required by law.
