SPI Energy independent director resigns citing cash flow issues, unpaid fees, Nasdaq suspension

SPI Energy Co., Ltd.

Director Maurice Wai-fung Ngai resigned effective Jan 16, 2025, citing unresolved cash flow problems and material weaknesses.
Ngai noted the Company owes him ~$398k in unpaid director fees from February 2021.
He stated the Company failed to file its 2023 annual report, leading to Nasdaq suspension of trading on Jan 15, 2025.
Ngai also expressed concerns about lack of D&O insurance and inability to timely pay expenses.

item 5.02 item 9.01

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Departed

Maurice Wai-fung Ngai

independent director

SPI Energy Co., Ltd.

Effective: 2025-01-16
Filed: February 5, 2025, 6:59 PM ET

Maurice Wai-fung Ngai, an independent director of the Board of Directors and a member of the Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee of SPI Energy Co., Ltd. (the "Company"), as well as the Chairman of the Audit Committee, informed the Company of his decision to resign from the Board of Directors and all committees, effective January, 16, 2025.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Maurice Wai-fung Ngai resigned as independent director at SPI Energy Co., Ltd..

Action: resigned
Role: independent director

Exact text from the filing

Maurice Wai-fung Ngai, an independent director of the Board of Directors and a member of the Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee of SPI Energy Co., Ltd. (the "Company"), as well as the Chairman of the Audit Committee, informed the Company of his decision to resign from the Board of Directors and all committees, effective January, 16, 2025.

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Source: SEC EDGAR

accession 0001683168-25-000706

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