TerraForm Power Announces Receipt of Nasdaq Letter
BETHESDA, Md., Aug. 18, 2016 (GLOBE NEWSWIRE) -- TerraForm Power, Inc. (Nasdaq:TERP), an owner and operator of clean energy power plants, today announced that it received a notification letter on August 15, 2016 from a Director of Nasdaq Listing Qualifications. The notification letter stated that because TerraForm Power has not yet filed its Form 10-Q for the quarter ended June 30, 2016 (the “2Q2016 10-Q”), TerraForm Power is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission (the “SEC”).
Previously, following the submission by TerraForm Power to Nasdaq of a plan to regain compliance with Nasdaq’s continued listing requirements (the “Compliance Plan”), Nasdaq staff had granted TerraForm Power an exception until September 12, 2016 to file its delinquent Form 10-K for the year ended December 31, 2015, Form 10-Q for the period ended March 31, 2016 and all other subsequent required periodic financial reports that are due within that period. The notification letter stated that, as a result of TerraForm Power’s additional delinquency, TerraForm Power has until August 30, 2016 to submit an update to the Compliance Plan describing how it plans to regain compliance with Nasdaq’s continued listing requirements, including the filing of the 2Q2016 10-Q, and indicating the progress TerraForm Power has made towards implementing the Compliance Plan.
The Nasdaq notification letter has no immediate effect on the listing of TerraForm Power’s common stock on the Nasdaq Global Select Market.
About TerraForm Power
TerraForm Power is a renewable energy company that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: www.terraformpower.com.
Brett PriorTerraForm Powerinvestors@terraform.com
Meaghan Repko / Joseph Sala / Nicholas Leasure
Joele Frank, Wilkinson Brimmer Katcher
TerraForm Power, Inc.