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Sunworks | 8-K: Current report

SEC announcement ·  Feb 14 22:32
Summary by Futu AI
Sunworks, Inc., a company listed on The Nasdaq Capital Market, has announced through a Form 8-K filing with the SEC that it and three of its subsidiaries have ceased operations and filed for Chapter 7 bankruptcy on February 6, 2024. Following the bankruptcy filing, Nasdaq notified Sunworks on the same day that its common stock will be delisted. The suspension of trading on Nasdaq is set to occur no later than February 15, 2024. The delisting is in accordance with Nasdaq Listing Rule 5110(b), which allows for the suspension or termination of a company's listing if it files for bankruptcy protection or announces liquidation. Sunworks has also been non-compliant with Nasdaq's minimum bid price requirement, as per Listing Rule 5550(a)(2), which mandates a minimum closing bid price of $1.00 per share. Jeoffrey Burtch has been appointed as the Chapter 7 trustee for the bankruptcy proceedings.
Sunworks, Inc., a company listed on The Nasdaq Capital Market, has announced through a Form 8-K filing with the SEC that it and three of its subsidiaries have ceased operations and filed for Chapter 7 bankruptcy on February 6, 2024. Following the bankruptcy filing, Nasdaq notified Sunworks on the same day that its common stock will be delisted. The suspension of trading on Nasdaq is set to occur no later than February 15, 2024. The delisting is in accordance with Nasdaq Listing Rule 5110(b), which allows for the suspension or termination of a company's listing if it files for bankruptcy protection or announces liquidation. Sunworks has also been non-compliant with Nasdaq's minimum bid price requirement, as per Listing Rule 5550(a)(2), which mandates a minimum closing bid price of $1.00 per share. Jeoffrey Burtch has been appointed as the Chapter 7 trustee for the bankruptcy proceedings.
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