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Risk Factors” of our annual report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange
−Removed: Commission on July 26, 2024, and are supplemented with the following revised risk factor:
+Added: Commission on July 26, 2024, and are supplemented with the following revised risk factors:
may not meet the continued listing requirements of Nasdaq, which could result in a delisting of our common stock.
previously disclosed, on April 18, 2024, we received a notice (the “10-K Notice”) from the Listing Qualifications staff of
−Removed: Nasdaq notifying us that as we had not yet filed our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form
−Removed: 10-K”), we no longer complied with Listing Rule 5250(c)(1) for continued listing on Nasdaq (the “Listing Rule”).
−Removed: May 24, 2024, we received an additional notice from Nasdaq notifying us that as we had not yet filed our Form 10-Q for the quarter ended
−Removed: March 31, 2024 (the “Q1 10-Q”), and because we remained delinquent in filing the Form 10-K, we did not comply with the Listing
+Added: Nasdaq (the “Staff”) notifying us that as we had not yet filed our Annual Report on Form 10-K for the year ended December
+Added: 31, 2023 (the “Form 10-K”), we no longer complied with Listing Rule 5250(c)(1) for continued listing on Nasdaq (the “Listing
+Added: On May 24, 2024, we received an additional notice from Nasdaq notifying us that as we had not yet filed our Form 10-Q for
+Added: the quarter ended March 31, 2024 (the “Q1 10-Q”), and because we remained delinquent in filing the Form 10-K, we did not
+Added: comply with the Listing Rule.
On July 26, 2024, we filed the Form 10-K with the SEC and are now in compliance with such filing.
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to the notice we received on August 21, 2024, we were required to submit an update to the Plan to Nasdaq by September 5, 2024, to regain
−Removed: We submitted an update to the Plan to Nasdaq on September 5, 2024.
−Removed: Nasdaq may grant us an additional exception of up to a
−Removed: maximum of 180 calendar days from the prescribed filing due date of the Form 10-K to file the Delinquent Filings, or until October 14,
−Removed: 2024, to regain compliance.
+Added: We submitted an update to the Plan to Nasdaq on September 5, 2024, and we filed the Q1 10-Q on September 10, 2024.
+Added: 19, 2024, Nasdaq granted us an additional exception of up to a maximum of 180 calendar days from the prescribed filing due date of the
+Added: Form 10-K to file the Q2 10-Q, or until October 14, 2024, to regain compliance.
+Added: In the event we do not satisfy these terms, the Staff
+Added: will provide written notification that our securities will be delisted.
+Added: At that time, we may appeal the Staff’s determination to
+Added: a hearings panel.
we expect to take actions intended to restore our compliance with the listing requirements, we can provide no assurance that any action
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loss of confidence by institutional investors.
+Added: currently derive a significant portion of our revenues from two customers.
+Added: Material or significant loss of business from these customers
+Added: could have an adverse effect on our business, financial condition and operating results.
+Added: depend on two customers for a large portion of our business, and any change in the level of orders from these customers could have a
+Added: significant impact on our results of operations.
+Added: Approximately 10% of our sales during the three months ended June 30, 2024, were made
+Added: to one customer and approximately 16% of our sales during the six months ended June 30, 2024, were made to another customer.
+Added: business from these customers could have an adverse effect on our business, financial condition and operating results.
+Added: The majority of
+Added: our sales to these customers were made pursuant to contract terms and conditions for each project.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.