Sunworks stock pulls back, after disclosing delisting notice received just before the recent rally

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Sunworks Inc. stock’s recent rocket ride higher came at a good time for the photovoltaic-based power systems company. The stock tumbled 18.6% in premarket trading Friday, after the company disclosed that on Sept. 22, it has received a delisting notice from the Nasdaq, because it has failed to comply with the minimum bid price requirement, which states companies must maintain a minimum closing bid price for its stock of at least $1 a share. “The company is monitoring the bid price of its common stock and will consider options available to it to achieve compliance,” Sunworks said in a statement. But after the stock closed at 77 cents on Sept. 22, it soared 50.4% on Wednesday to $1.16 and 238.8% on Thursday to close at $3.93. The rally came after the shares of SPI Energy Co. Ltd. , which also operates in the photovoltaic market, blasted 1,236.5% higher on Wednesday after the company announced it was starting an electric-vehicle subsidiary. Sunworks shares have more than tripled (up 214.4%) year to date through Thursday, while the S&P 500 has inched up 0.5%.
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