The Challenge at Hand
Recently, Flux Power Holdings, Inc., a prominent player in advanced lithium-ion energy storage solutions, encountered a roadblock in the form of a non-compliance letter from the Nasdaq Stock Market LLC. This missive, received on October 16, 2024, alerts Flux Power that it has breached Nasdaq Listing Rule 5250(c)(1) due to a delayed filing of its Annual Report on Form 10-K for the fiscal year that concluded on June 30, 2024, with the Securities and Exchange Commission (SEC).
Navigating the Nasdaq Requirements
Fortunately, Flux Power’s Nasdaq listing remains intact for now, affording the organization a 60-day period to present a comprehensive plan to the Nasdaq authorities aimed at achieving compliance with the Nasdaq Listing Rule. Should Nasdaq approve Flux Power’s proposal, the company could be granted an additional 180 days from the specified Form 10-K due date to rectify the situation. In the event that Nasdaq rejects the plan, Flux Power can escalate the matter to a Nasdaq Hearings Panel.
A Timely Response
In response to this challenge, Flux Power is actively engaged in expediting the completion of its Form 10-K and is committed to promptly filing it to meet the compliance requirements stipulated by the Listing Rule.
Insight into Flux Power Holdings, Inc.
Flux Power Holdings, Inc., recognized for developing cutting-edge lithium-ion energy storage solutions, caters to a broad spectrum of industrial and commercial sectors such as material handling, airport ground support equipment (GSE), and stationary energy storage. By offering lithium-ion battery packs embedded with a proprietary battery management system (BMS) and telemetry, Flux Power facilitates superior performance, reduced ownership costs, and a more eco-conscious alternative to conventional lead acid and propane-based solutions. These lithium-ion battery packs actively contribute to decreasing CO2 emissions, bolstering sustainability efforts, and enhancing Environmental, Social, and Governance (ESG) metrics for various fleets.
Paving the Way Forward
As Flux Power maneuvers through this compliance hurdle, the company’s commitment to environmentally-friendly and sustainable energy solutions remains unwavering. Despite the current setback, Flux Power continues to underscore its dedication to delivering innovative energy storage solutions that align with both operational excellence and ecological sustainability.