Flux Power Holdings Faces Nasdaq Compliance Issue

Flux Power Holdings, Inc. FLUX, known for developing lithium-ion energy storage solutions, announced today that it received a notice from the Nasdaq Stock Market LLC (“Nasdaq”) on October 16, 2024. The company was informed that it did not comply with Nasdaq Listing Rule 5250(c)(1) due to the late filing of its Annual Report on Form 10-K for the fiscal year ending June 30, 2024, with the Securities and Exchange Commission (“SEC”).

This notice does not immediately affect Flux’s stock listing on Nasdaq. According to Nasdaq regulations, the company has 60 calendar days to submit a plan outlining how it will regain compliance with this requirement. If accepted, Nasdaq may allow Flux Power up to 180 days from the due date to meet the filing requirement. Should Nasdaq reject the plan, the company can appeal the decision to a Nasdaq Hearings Panel.

Flux Power is working diligently to finalize its Form 10-K. The company aims to submit the report as soon as possible in order to regain compliance with the Nasdaq Listing Rule.

About Flux Power Holdings, Inc.

Flux Power FLUX specializes in designing, manufacturing, and selling advanced lithium-ion energy storage systems. Its products are used across various sectors, including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion batteries and proprietary battery management systems offer advantages like lower operating costs and reduced environmental impact compared to traditional lead-acid and propane options. These battery packs play a role in decreasing CO2 emissions and enhancing sustainability metrics for fleets. For further details, visit www.fluxpower.com.

Forward-Looking Statements

This announcement contains “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995 and other securities laws. Such statements are not historical facts and may include words like “anticipated,” “expected,” “will,” “intended,” and similar phrases. These statements encompass expectations regarding the filing of the Form 10-K and the company’s ability to achieve compliance with Nasdaq listing rules. Risks and uncertainties beyond the company’s control could result in actual outcomes differing significantly from those projected. Potential challenges include delays in financial reporting, difficulties in obtaining waivers, and the need to address material weaknesses in internal control systems. For a thorough understanding of these risk factors, readers should refer to the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year that ended June 30, 2023, as well as any subsequent SEC filings. Caution is advised in placing reliance on forward-looking statements, which are only valid as of their date of release. The company does not undertake any obligation to update these statements unless legally required.

Flux, Flux Power, and their associated logos are trademarks of Flux Power Holdings, Inc. All other names and marks are owned by their respective companies.

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