The Nasdaq Knock
Flux Power Holdings, Inc. – the illustrious aim-to-be stalwart in the realm of developing cutting-edge lithium-ion energy storage solutions for the electrification of commercial and industrial gear – faced a tempest on October 16, 2024. A missive from the Listing Qualifications Department of Nasdaq rapped on the door of the Company, declaring it had tripped over the hurdle presented by Nasdaq Listing Rule 5250(c)(1). The trigger? A slip-up in submitting the Annual Report on Form 10-K for the fiscal year culminating on June 30, 2024, to the discerning eyes at the Securities and Exchange Commission (“SEC”).
Weighing the Options
Now, hold your horses – this missive, heralding turmoil, doesn’t spell the end for Flux Power’s common stock listing validity on Nasdaq. The Nasdaq rule book generously extends a 60-day phase for the Company to present a roadmap to reclaim compliance under the Nasdaq Listing Rule. Should Nasdaq nod in approval at this strategic map, an extension paves the way for Flux Power to have a whopping 180 days from the initial due date for furnishing the Form 10-K to reestablish compliance. A rejection from Nasdaq wouldn’t be the death knell either; a window remains open for the Company to knock on the doors of a Nasdaq Hearings Panel, should it wish to challenge the decision.
Turbulence Under the Surface
Behind the scenes, Flux Power is putting its nose to the grindstone, hurling every effort to wrap up its Form 10-K at lightning pace. The end goal? A swift return to the warm embrace of the Listing Rule.
In the Trenches with Flux Power
About Flux Power Holdings, Inc.
Flux Power Holdings, with the FLUX tag adorning its lapel, dazzles with its prowess in crafting, vending, and peddling dynamic lithium-ion energy storage solutions. These marvels cater to sprucing up an array of industrial and commercial segments, spanning from material handling, to the realm of airport ground support equipment (GSE), and branching into the realm of stationary energy storage. Flux Power’s lithium-ion battery packs shimmy onto the stage, dancing elegantly with their proprietary battery management system (BMS) and telemetry. This all-encompassing package hands customers a bun dance when it comes to performance, trims down the cost of ownership, and waves a green flag for sustainability, often outshining the dusty old traditions of lead acid and propane-based solutions. Witness the reduction in CO2 emissions and the tick mark on sustainability and ESG checkboxes for fleets as these lithium-ion marvels prance on the stage. Dive deeper at www.fluxpower.com.
Navigating Stormy Seas
Forward-Looking Statements
This proclamation you’re poring over contains a universe of “forward-looking statements” – the elusive entities in the galaxy of securities law and the brainchild of the Private Securities Litigation Reform Act of 1995, as amended. These aren’t your grandpa’s historical facts; rather, they are a script laden with potentialities, dreams, and desires. Words and phrases like “anticipated,” “forward,” “will,” “could,” “may,” and their kin shine a beacon toward these future vistas. Peering into this crystal ball, you’ll spy predictions entailing the lofty date of the Form 10-K delivery and the prowess to regain Nasdaq’s compliance warm hug. But heed this caution; these visions are swept by gusts of risks and uncertainties, many of which play hard to get when it comes to predictions and are typically beyond the Company’s grasp. These party Crashers may throw a wrench into the well-oiled reporting machinery – discovering hidden nuggets of information, dallying in the aisles, or batting eyelashes coyly to delay financial reporting. Hold your breath – there’s more. There’s a phalanx of risk demons hiding under rocks – waving the specter of possible litigation or dancing a jig around the bonfire of the Company’s internal controls concerning financial reporting. The inevitable wagers on estimates or judgments about the Company’s vital accounting policies, or any of its forecasts or assumptions, could take a tumble. Surprise guests may join the party uninvited, throwing a gauntlet in the Company’s face in terms of financial projections and guidance, potentially wandering off the course set by estimates, projections, and guidance. These fearsome foes skulk in the “Risk Factors” sections of the Company’s Annual Report on Form 10-K, wrapping the year that ended on June 30, 2023, and other subsequent love letters to the SEC. Brace yourself – straying too close to these forward-looking statements could lead you down a rabbit hole filled with pitfalls. All those dreams and conjectures inked in this fervent proclamation stand tall and steadfast only until the sun sets upon the date they’re unleashed. Promise holds true for events birthed or circumstances born after that pivotal point in time when these statements lit up the scene, broadcasted to the world. Save for what the law might demand, the Company isn’t bound to update these statements should storms brew after their debut.
Parting of the Ways
Flux, Flux Power, and their entourage of associated logos flash their feathers as trademarks under the banner of Flux Power Holdings, Inc. Meanwhile, all other third-party brands, wares, trademarks, or registered sigils serve as beacons to herald the entrance of their respective owners’ products and services into the grand pageantry of markets and trades.