# EDGAR Filing Document

**Accession Number:** 0001354457
**File Stem:** 0001354457-25-000577
**Filing Date:** 2025-6
**Character Count:** 7648
**Document Hash:** c64cf51385455942f4342b44932d0de2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001354457-25-000577.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001354457-25-000577

**CONFORMED SUBMISSION TYPE**: 25-NSE

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPI Energy Co., Ltd.
- **CENTRAL INDEX KEY:** 0001210618
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 204956638
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37678

**BUSINESS ADDRESS:**
- **STREET 1:** 4803 URBANI AVE.
- **CITY:** MCCLELLAN PARK
- **STATE:** CA
- **ZIP:** 95652
- **BUSINESS PHONE:** 408 919 8000

**MAIL ADDRESS:**
- **STREET 1:** 4803 URBANI AVE.
- **CITY:** MCCLELLAN PARK
- **STATE:** CA
- **ZIP:** 95652

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Solar Power, Inc.
- **DATE OF NAME CHANGE:** 20061005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELUND FUND INC
- **DATE OF NAME CHANGE:** 20021216
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nasdaq Stock Market LLC
- **CENTRAL INDEX KEY:** 0001354457

**ORGANIZATION NAME:**
- **EIN:** 521165937
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE

**BUSINESS ADDRESS:**
- **STREET 1:** One Liberty Plaza
- **CITY:** New York
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 301-978-4144

**MAIL ADDRESS:**
- **STREET 1:** Office of General Counsel
- **STREET 2:** 805 King Farm Blvd.
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** The Nasdaq Stock Market LLC
- **DATE OF NAME CHANGE:** 20060224

## Exhibit 99.25

```

Delisting Determination, The Nasdaq Stock Market, LLC, June 11, 2025,
SPI Energy Co., Ltd.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the security of SPI Energy Co., Ltd.
effective at the opening of the trading session on July 7, 2025.
Based on review of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rules 5550(a)(2) and 5250(c)(1).
The Company was notified of the Staff determination on October 15, 2024.
On October 22, 2024, the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings Panel
(Panel) pursuant to Listing Rule 5815.
Additionally, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rule 5250(c)(1) because of
another filing delinquency.
The Company was notified of the additional Staff determination
on November 19, 2024.
On December 16, 2024, the hearing was held.
Additionally, Nasdaq Staff determined that the Company
no longer qualified for listing on the
Exchange pursuant to Listing Rule 5620(a) because of
another filing delinquency.
The Company was notified of the additional
Staff determination on January 10, 2025.
On January 13, 2025, the Panel reached
a decision and a Decision letter was issued on that same day.
Based on the information presented at the hearing, the Panel has determined
to delist the Company shares from the Exchange.  The Company has experienced
prolonged financial challenges due to difficult market conditions and
debts owed to vendors.  These financial challenges hampered the
Company ability to adequately fund its independent audits
and maintain compliance with the Nasdaq periodic filing rule
and bid price rule. While the Panel acknowledged the challenges faced
by Companies during difficult financial times, the Company must nonetheless
possess the funds necessary to carry out its most basic functions
including the procurement of external financial audits and corporate
management events such as shareholder meetings needed in order
to address regulatory requirements.  The Panel also noted that the
Company failed to bring any representatives from the Audit Committee
of the Board of Directors that could speak to the material
weaknesses that were identified by its financial auditors.
Based on this, and the Company general lack of initiative to
resolve listing deficiencies in a timely manner, the Panel concluded
that the Company failed to exhibit the most basic respect for Exchange
rules and diligence required of a listed company.  The Panel further noted
that the failure on the part of the Company representatives to speak to
critical portions of the Company listing challenges demonstrates
a lack of respect for the process.
The Company security was suspended on January 15, 2025. The Staff determination
to delist the Company security became final on February 27, 2025.

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 25

### NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

**Commission File Number:** 001-37678

|  |  |
|:---|:---|
| Issuer:                                                                                                             | SPI Energy Co., Ltd.                     |
| Exchange:                                                                                                           | Nasdaq Stock Market LLC                  |
| (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered) |  |
| Address:                                                                                                            | 26 Harbour Road, Hong Kong, CHINA, 00000 |
| Telephone number:                                                                                                   | + 852 2291 6020                          |
| (Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)   |  |
| (Description of class of securities)                                                                                | Ordinary Shares                          |

---

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

- [ ] 17 CFR 240.12d2-2(a)(1)
- [ ] 17 CFR 240.12d2-2(a)(2)
- [ ] 17 CFR 240.12d2-2(a)(3)
- [ ] 17 CFR 240.12d2-2(a)(4)
- [x] Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.
- [ ] Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

---

Pursuant to the requirements of the Securities Exchange Act of 1934, Nasdaq Stock Market
LLC certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing the Form 25 and has caused this notification to be signed on its
behalf by the undersigned duly authorized person.

| Date       | By   | Name          | Title            |
|:---|:---|:---|:---|
| 2025-06-25 |  | Aravind Menon | Hearings Advisor |

Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR
240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.