EX-99.25
2
spidelistreason.txt

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.