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SPI Energy Co., Ltd. (NASDAQ:SPI), a company specializing in semiconductors and related devices currently trading at $2.52 per share near its 52-week low, announced the resignation of Maurice Wai-fung Ngai, an independent director and chairman of the Audit Committee. Mr. Ngai’s resignation, effective January 16, 2025, was disclosed in a recent SEC Form 8-K filing by the company.
Mr. Ngai, who also served on the Nominating and Corporate Governance Committee and Compensation Committee, cited concerns about SPI Energy’s ongoing cash flow issues. In his resignation letter dated January 15, 2025, he highlighted the company’s struggles with addressing material weaknesses, maintaining adequate Directors & Officers (D&O) insurance, and timely fulfilling financial obligations, including approximately $398,000 in director compensation owed to him. He also noted the company’s difficulties in complying with reporting obligations under the Securities Exchange Act of 1934 in a timely manner.
The resignation comes at a time when SPI Energy has not reported any disagreements with Mr. Ngai regarding operations, policies, or practices beyond the concerns stated in his resignation letter. The company, headquartered in McClellan Park, California, has not yet announced a successor for Mr. Ngai’s role on the Board of Directors or its committees.
This development could draw investor attention to the financial health and governance of SPI Energy, as board member concerns about financial practices and obligations often raise questions about a company’s internal controls and stability. InvestingPro subscribers can access detailed financial health metrics, including 8 additional ProTips and comprehensive financial analysis tools to better evaluate these concerns. The platform’s analysis currently shows an overall Financial Health score of 2.52, rated as "GOOD" despite the recent challenges.
The information in this article is based on the recent SEC filing by SPI Energy Co., Ltd.
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