On May 21, shares of SPI Energy Co., Ltd. (NASDAQ:SPI) plunged to a low of 28 cents each. Ultimately, NASDAQ ended up sending the Hong Kong-based photovoltaic solutions company a listing requirement violation notice because the stock was trading upder $1.00 per share for 30 consecutive days at the time of hitting the low.
SPI waited until today to disclose the NASDAQ letter, which it said it received on May 25. The company has already regained the $1 minimum price requirement, including shares blasting as high as $2.40 only two days after hitting the 28-cent low. That's a bottom-to-top move of a whopping 757.1%.
Shares slipped from the $2.40 high to just over $1.00, but are surging again today, not on the NASDAQ non-compliance news, but rather on a second SPI press release disclosing an agreement to sell the entire issued share capital of Todderstaffe Solar Limited to Capital Stage AG, the biggest independent solar park operator in Germany.
Todderstaffe, a company owned by SPI's subsidiary SPI China (HK) Ltd., holds a solar project in the Poulton, Lancashire (United Kingdom) with the capacity of approximately 4.5 megawatts. The project came online in March.
No details of the sale were disclosed.
After closing Wednesday at $1.35, shares of SPI shot as high as $2.35 shortly after the opening bell, but have slid back to $1.78 with about two hours left in the trading day, representing a gain of 31.7%.
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