Northern Power faces delisting on the TSX

Vermont Business MagazineNorthern Power Systems Corp(TSX:NPS), based in Barre, announced Thursday that on May24, 2018, it received a letter from the Toronto Stock Exchange notifying the company that the TSX had initiated a review of the company’s eligibility for continued listing on the TSX.Further, the TSX identified several deficiencies regarding the company’s compliance with the TSX continued listing requirements, including the fact that (i) the trading activity of the company’s securities has been so reduced as it does not warrant continued listing, (ii) the market value of the company’s listed securities has been less than $3.0 million for the 30 previous consecutive trading days, (iii) market value of the company’s publicly held listed securities has been less than $2.0 million for the 30 previous consecutive trading days and (iv) in the opinion of TSX, it is questionable as to whether the company will be able to continue as a going concern.

Northern Power stated that it is continuing to operate and would consider selling all or part of its business. It sold its large wind turbine business to a Brazilian firm in 2016.

Northern Power told VBMthat it could face delisting because of a steep decline in revenues with the loss of the bulk of its Italian contracts. It also told VBMin April it had furloughed workers at its Barre manufacturing plant (formerly owned by Bombardier) where it had employed 50.Northern Power isa next generation renewable energy and energy storage technology company notable for its off-grid and remote wind energy systems.

The company said in a statement that it ispresently evaluating possible courses of action to regain compliance with the TSX continued listing requirements.However, there can be no assurance that the company will be able to regain compliance or that the company will be able to maintain its TSX listing. TSX has provided Northern Power with 120 calendar days, or until September 21, 2018, to regain compliance with the TSX continuing listing requirements.

The TSX’s Continued Listing Committee of TSX is scheduled to meet on September 13, 2018 to consider whether or not to suspend trading in and delist the securities of the company. Northern Power is entitled to make submissions to the Listing Committee to address deficiencies on or before September 7, 2018. If the company cannot demonstrate that it meets all of the TSX continued listing requirements by September 21, 2018, the company’s securities will be delisted 30 days from such date.

Northern Power said that this notification has no immediate effect on Northern Power business operations, its listing on the TSX or on the trading of the company’s common stock.

Despite the company’s current TSX listing deficiencies, Northern Power said it continues to see advancement and opportunity in its energy storage business particularly with its strategy relating to complete turnkey installations including site acquisition and development. Accordingly, Northern Power continues to explore strategic alternatives for the energy storage business or the company as a whole, including seeking investment into its overall business, or investment specifically dedicated to the energy storage business or the disposition of all or a portion of the company’s business.

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About Northern Power Systems
Northern Power Systems designs, manufactures, and sells distributed power generation and energy storage solutions with its advanced wind turbines, inverters, controls, and integration services. With approximately 21 million run-time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost-effective, reliable renewable energy. NPS turbines utilize patented permanent magnet direct drive (PMDD) technology, which uses fewer moving parts, delivers higher energy capture, and provides increased reliability thanks to reduced maintenance and downtime. Northern Power also develops Energy Storage Solutions (ESS) based on the FlexPhase™ power converter platform, which features patented converter architecture and controls technology for advanced grid support and generation applications.

Northern Power has been a technology innovator for over 40 years and serves clients around the globe from its US headquarters and European offices.

Source:BARRE, Vt., May 31, 2018 (GLOBE NEWSWIRE) --Northern Power Systems Corpwww.northernpower.com.