Technology Sector Update for 03/20/2017: SPI,AXTI,QUIK

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Technology stocks were edging lower, reversing narrow gains earlier today, with shares of tech companies in the S&P 500 shedding slightly more than 0.1% Monday afternoon.

In company news, American depository shares of SPI Energy Co Ltd ( SPI ) slumped Monday after the Nasdaq stock market today said the Chinese solar-power company will need to file its Form 6-K report for the six months ended June 30, 2016, by May 15 to keep its listing on the exchange.

The new deadline was part of Nasdaq's acceptance of the company's plan to regain compliance with Nasdaq rules requiring listed companies to file their regulatory documents with the appropriate agencies on a timely basis.

Nasdaq sent a delisting warning to SPI Energy in Jan. citing its failure to file an interim balance sheet and income statement with the U.S. Securities and Exchange Commission for the January-to-June 2016 period. The company on Friday sent its proposal to Nasdaq detailing how it expects to regain compliance.

SPI ADS were down over 15% at $1.23 apiece, earlier falling to a session low of $1.20 a share.

In other sector news,

(+) AXTI, (+5.4%) Resumes wafer processing and substrate production at its manufacturing facility in Beijing following a March 16 electrical fire.

(-) QUIK, (-10.3%) Discloses plans for a $15 mln stock offering. A portion of the net proceeds will be used for working capital and new product development as well as for potential acquisition or licensing of promising technologies.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Technology , Commodities
Referenced Symbols: SPI , AXTI , QUIK

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