Vermont Business MagazineNorthern Power Systems Corp, a next generation renewable energy and energy storage technology company based in Barre, announced Wednesday that on October 22, 2018, in accordance with previously disclosed information on a Form 8-K filed with the USSecurities and Exchange Commission on September 21, 2018, the Toronto Stock Exchange (TSX) delisted the Company’s securities from the TSX, effective October 22, 2018, for failure to comply with the TSX continued listing requirements.
The TSX identified several deficiencies regarding the company’s compliance with the TSX continued listing requirements, including the fact that (i) in the opinion of TSX, it is questionable as to whether the company will be able to continue as a going concern, (ii) the market value of the Company’s listed securities has been less than $3.0 million for the 30 previous consecutive trading days, and (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(market cap was $1.19 million).
The company said in a press release that it continues to explore listing its securities on NEX or the over-the-counter market place (OTCQB). At this time, it said, it is uncertain if the company will list its securities on an alternative exchange.
Northern Power is best known for its remote and smaller-scale wind turbine sites. Courtesy photo.
In addition, the company said it will continueto explore all strategic alternatives and transactions for Company, including the sale of the business or some or all of its assets and business lines including its distributed wind, energy storage and/or services business segments. It is uncertain if the Company’s efforts to identify and effect one or more strategic transaction will be successful.
Northern Power told VBM at the end of May that it could face delisting because of a steep decline in revenues with the loss of the bulk of its Italian contracts.It alsotold VBMin April it had furloughed workersat its Barre manufacturing plant(formerly owned by Bombardier) where it had employed 50.
Northern Power sold its large wind turbine business to a Brazilian firm in 2016.
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 over 22 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 by reducing maintenance and downtime. Northern Power also develops Energy Storage System solutions (ESS) and turnkey projects, deploying its 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. To learn more, visitwww.northernpower.com.
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Source:BARRE, Vt., Oct. 24, 2018 (GLOBE NEWSWIRE) --Northern Power Systems Corp