LOUISVILLE — Real Goods Solar Inc. (Nasdaq: RGSE) once again faces delisting from the Nasdaq stock market, after its stock price closed below the minimum requirement of $1 per share for 30 consecutive days.
The troubled solar installer, which operates as RGS Energy, filed a notice with the U.S. Securities and Exchange Commission, Dec. 21, that it had received a notice of non-compliance from Nasdaq, Dec. 20. The notice was not unexpected.
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BizWest reported Wednesday that RGS plans a special meeting of shareholders in January to consider its third reverse stock split since May 2015, in an effort to boost the stock price.
RGS has 180 calendar days to regain compliance. If the company’s stock closes at $1 or more for 10 consecutive days in the meantime, it will have re-established compliance. Other conditions could allow for an additional 180-day stay on delisting.
Shareholders will meet at the company’s headquarters at 833 W. South Boulder Road in Louisville on Jan. 23 to vote on the reverse stock split, which would authorize the company to determine a specific ratio within a range of one-for-five to one-for-thirty-five within the succeeding year.
RGS has effected two splits prior to this one, including one-for-20 splits on May 18, 2015, and June 2, 2016.
The company’s stock closed at 35 cents, Dec. 21, up from 22 cents Dec. 20.