SunEdison’s (OTCMKTS:SUNEQ) two renewables yieldcos are trying to buy some time so they could present a plan to regain compliance with Nasdaq rules and avoid their impending delisting from the bourse.
Both TerraForm Power (NASDAQ:TERP) and TerraForm Global Inc (NASDAQ:GLBL) have failed to file their financial reports for the first and second quarters of 2016, as well as their Form 10-K for the year ended December 31, 2015.
Following previous warnings, a director of Nasdaq Listing Qualifications informed TerraForm Power and TerraForm Global that they will be delisted from the bourse on September 19 and September 20, respectively. Both companies requested a hearing, thus delaying Nasdaq’s move by at least 15 calendar days, and a stay of the delisting.
Tthe hearings are expected to take place about 30 to 45 days after the date of the request. The yieldcos plan to present their plans to regain compliance with the Filing Rule at the said hearings.
The companies delayed the filing of their annual report for 2015 because SunEdison identified “material weaknesses in its internal controls over financial reporting”. SunEdison’s two yieldcos share the same accounting systems with their bankrupt parent.