Orion Receives NASDAQ Delisting Notice

MANITOWOC, Wis., Dec. 01, 2017 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (OESX) (Orion Lighting), a leading designer and U.S. manufacturer of high-performance, energy-efficient LED lighting products, announced today it has received a continued listing deficiency notice from The Nasdaq Stock Market LLC because its share price has not met the $1.00 minimum closing bid price requirement for 30 consecutive business days [Nasdaq Listing Rule 5550(a)(2) and 5810(c)(3)(A)]. This notice has no immediate effect on the Company’s Nasdaq listing or the trading of its common stock.

Nasdaq has provided Orion with a 180-day period, until May 29, 2018, in which to regain compliance with the minimum bid price requirement. If at any time during the compliance period, the closing bid price of Orion’s common stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide Orion with a written confirmation of compliance and the matter will be closed.

Orion CEO, Mike Altschaefl, commented, “The Board and I believe that Orion’s recent share price and modest market cap of roughly 0.4x sales for the last four quarters are a reflection of our past challenges and the transition of our business focus, rather than our growth and profitability goals for the remainder of the fiscal year ending March 31, 2018. We are confident that as we demonstrate progress toward our goals over the next four months, our performance should enhance Orion’s share price and market value and enable the Company to regain compliance with Nasdaq’s minimum bid price requirement before May 29, 2018.”

Mr. Altschaefl added, “I have focused the first six months of my tenure as CEO on working to put Orion on a path to sustainable growth and improved bottom-line results. We have largely repositioned the business to achieve those goals. We are confident that as we demonstrate results, our share price should better reflect Orion’s future prospects and support our regaining compliance with Nasdaq’s minimum $1.00 closing bid price rule.”

Potential Second 180-Day Compliance Period
Should Orion not regain compliance with the bid price requirement by May 29, 2018, it may be eligible for an additional 180-day compliance period if it meets the market value of publicly held shares requirement for continued listing, all other initial inclusion requirements for The Nasdaq Capital Market, except for the bid price requirement, and provides written notice that it intends to regain compliance with the bid price requirement during the second 180-day compliance period by effecting a reverse split, if necessary.

About Orion Energy Systems
Orion is a leading designer and producer of energy efficient lighting and retrofit lighting solutions for commercial and industrial buildings. Orion manufactures and markets connected lighting systems encompassing LED solid-state lighting and smart controls. Orion systems incorporate patented design elements that deliver significant energy, efficiency, optical and thermal performance that drive financial, environmental, and work-space benefits for a wide variety of customers, including nearly 40% of the Fortune 500.