MANITOWOC, Wis., May 30, 2018 (GLOBE NEWSWIRE) — Orion Energy Systems, Inc. (OESX) (Orion Lighting), a provider of enterprise-grade LED lighting and energy project solutions, announced today that The Nasdaq Stock Market LLC notified Orion that it has been granted an additional 180-day grace period, or until November 26, 2018, to regain compliance with Nasdaq’s $1.00 Minimum Bid Price Rule.
Nasdaq’s determination was based on Orion having met all other applicable listing requirements, except the Bid Price Rule, combined with the Company’s intention to seek shareholder approval to effect a reverse stock split if required to meet the Nasdaq Minimum Bid Price Rule.
If at any time during the remaining compliance period, the closing bid price of Orion’s common stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide Orion with a written confirmation of compliance, the matter will be closed and Orion will not seek to implement a reverse stock split.
Orion CEO, Mike Altschaefl, added, “In my recently completed first year as CEO, we focused Orion on a strategy of reducing our cost structure to fit the current size of our company while also working to develop new revenue opportunities via national accounts and our agent driven distribution strategy. While our efforts have taken longer than expected, they are progressing and provide optimism in our ability to meaningfully improve our fiscal 2019 performance, which progress should support our share price and regaining compliance with the Nasdaq Minimum Bid Price Rule.
“While we believe there is a realistic potential to regain Nasdaq compliance solely through improved business performance over the next six months, to protect our Nasdaq listing status, we are pursuing a back-up plan involving a potential reverse stock split. We would only execute a reverse stock split if it were approved by shareholders and offered the only certain path to regaining compliance.”
About Orion Energy Systems
Orion is a provider of enterprise-grade LED lighting and energy project solutions. Orion manufactures and markets connected lighting systems encompassing LED solid-state lighting and smart controls. Orion systems incorporate patented design elements that deliver significant energy, efficiency, optical and thermal performance that drive financial, environmental, and work-space benefits for a wide variety of customers, including nearly 40% of the Fortune 500.