{"success":true,"data":{"pressRelease":{"id":"115420","rtpr_id":"nGNX35Dyl7","ticker":"SMXT","exchange":"NASDAQ","all_tickers":["SMXT"],"title":"SolarMax Technology Announces Reverse Stock Split to Support Effort to Regain Compliance with Nasdaq’s Minimum Bid Price Requirement","author":"Globe Newswire","published_at":"2026-08-11T12:30:00.794Z","article_body":"RIVERSIDE, Calif., Aug. 11, 2026 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc.\n(Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar\nenergy company, today announced that it will effect a 1-for-12 reverse stock\nsplit (the “Reverse Stock Split”) of its common stock. The Reverse Stock\nSplit will become effective at 12:01 a.m. Eastern Time on August 13, 2026 (the\n“Effective Time”). The Company’s Common Stock will continue to trade on\nthe Nasdaq Capital Market under the symbol “SMXT” and will begin trading\non a reverse split-adjusted basis when the Nasdaq opens on August 13, 2026.\nThe new CUSIP number for the Common Stock following the Reverse Stock Split\nwill be 83419H202. The Company will pay cash in lieu of fractional shares\nbased on the closing market price of the common stock on the effective date of\nthe Reverse Stock Split. If after giving effect to the Reverse Stock Split, a\nstockholder would hold a fractional share, such stockholder will receive upon\nthe reverse split the number of whole shares issuable pursuant to the Reverse\nStock Split plus cash for the fractional share.\n\nOn August 4, 2026, the Company amended its Amended and Restated Articles of\nIncorporation by filing a Certificate of Change with the Secretary of State of\nNevada to effect a reverse stock split of the Common Stock at a ratio of\n1-for-12 and to effect a reduction of its authorized common stock from\n297,225,000 shares to 24,768,750 shares, which is 1/12 of the number of\npreviously authorized shares, effective at the Effective Time. Pursuant to\nSection 78.207 of the Nevada Revised Statutes, the Board of Directors has the\npower to effect a reverse split of the Company’s common stock without\nstockholder approval as long as the authorized common stock is decreased in\nthe same ratio.\n\nAs a result of the Reverse Stock Split, the number of outstanding shares of\nCommon Stock is reduced from 56,906,572 shares to approximately 4,742,215\nshares of Common Stock. The exact number of shares will be determined after\ncash is paid for fractional shares. The ownership percentage of each\nstockholder will remain unchanged other than as a result of fractional shares.\nProportional adjustments will be made to both the number of shares of Common\nStock issuable upon exercise of outstanding options or the conversion of\noutstanding convertible notes, as well as to the applicable exercise or\nconversion price. Stockholders whose shares are held in brokerage accounts\nshould direct any questions concerning the Reverse Stock Split to their\nbroker. All stockholders of record may direct questions to the Company’s\ntransfer agent, Continental Stock Transfer and Trust at (800) 509-5586 or\n(212) 509-5586 (international).\n\nThe Reverse Stock Split is intended to support the Company’s effort to\nregain compliance with the minimum bid price requirement for maintaining the\nlisting of its Common Stock on the Nasdaq Capital Market. On March 3, 2026,\nthe Company received a notice from The Nasdaq Stock Market that the Company\ndoes not meet Nasdaq’s continued listing requirement that the Company\nmaintain a minimum bid price of $1 per share. The Nasdaq rules provide that\nthe Company has a compliance period of 180 calendar days to regain compliance.\nThis period expires on August 31, 2026. To become compliant, the closing bid\nprice of the Company’s common stock must be at least $1 per share for a\nminimum of ten consecutive business days. The Reverse Stock Split is intended\nto enable the Company to meet this requirement.\n\nIn addition, as previously reported, on June 22, 2026, the Company received a\nnotice from Nasdaq that the Company does not meet the continued listing\nrequirement that the Company maintain a minimum market value of listed\nsecurities of $35 million. The Nasdaq rule provides that the Company has a\ncompliance period of 180 calendar days to regain compliance. This period\nexpires on December 21, 2026. In the event the Company does not regain\ncompliance with this rule prior to the expiration of the compliance period, it\nwill receive written notification that its securities are subject to\ndelisting. The Reverse Stock Split does not address the minimum market value\nof listed securities.\n\nAbout SolarMax Technology Inc.\n\nSolarMax, based in California and founded in 2008, is a leader within the\nsolar and renewable energy sector focused on making sustainable energy both\naccessible and affordable. SolarMax has established a strong presence in\nsouthern California and, commencing in the third quarter of 2025, expanded its\nUnited States operations to include services for industrial EPC projects.\nSolarMax is looking to generate growth with strategic initiatives that aim to\nscale commercial solar development services and provide EPC services for\nindustrial projects and LED lighting solutions in the US while expanding its\nresidential solar operations. For more information, visit\nwww.solarmaxtech.com.\n\nAny information contained on, or that can be accessed through, our website or\nany other website or any social media is not a part of this press release.\n\nForward Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended (“Securities Act”)\nas well as Section 21E of the Securities Exchange Act of 1934, as amended, and\nthe Private Securities Litigation Reform Act of 1995, as amended, that are\nintended to be covered by the safe harbor created by those sections.\nForward-looking statements, which are based on certain assumptions and\ndescribe the Company's future plans, strategies and expectations, can\ngenerally be identified by the use of forward-looking terms such as\n“believe,” “expect,” “may,” “will,” “should,” “would,”\n“could,” “seek,” “intend,” “plan,” “goal,” “project,”\n“estimate,” “anticipate,” “strategy,” “future,” “likely”\nor other comparable terms, although not all forward-looking statements contain\nthese identifying words. All statements other than statements of historical\nfacts included in this press release regarding the Company's strategies,\nprospects, financial condition, operations, costs, plans and objectives are\nforward-looking statements. Important factors that could cause the Company's\nactual results and financial condition to differ materially from those\nindicated in the forward-looking statements. Such forward-looking statements\nare subject to risk and uncertainties, including, but not limited to, the\ncontinued listing of the common stock on Nasdaq and those factors described in\n“Cautionary Note on Forward-Looking Statements” “Item 1A. Risk\nFactors,” and “Item 7. Management's Discussion and Analysis of Financial\nCondition and Results of Operations,” in the Company’s Annual Report on\nForm 10-K for the year ended December 31, 2025, as filed with the SEC on\nApril 6, 2026 and “Management’s Discussion and Analysis of Financial\nConditions and Results of Operations” in the Company’s quarterly report on\nForm 10-Q for the quarter ended March 31, 2026, which was filed with the SEC\non May 15, 2026. SolarMax undertakes no obligation to update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, after the date on which the statements are made or to\nreflect the occurrence of unanticipated events except as required by law. You\nshould read this press release with the understanding that our actual future\nresults may be materially different from what we expect.\n\nContact:\nFor more information, contact:\nStephen Brown, CFO\n(951) 300-0711\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX35Dyl7","title":"SolarMax Technology Announces Reverse Stock Split to Support Effort to Regain Compliance with Nasdaq’s Minimum Bid Price Requirement","author":"Globe Newswire","ticker":"SMXT","created":"2026-08-11T12:30:00.794Z","tickers":["SMXT"],"exchange":"NASDAQ","article_body":"RIVERSIDE, Calif., Aug. 11, 2026 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc.\n(Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar\nenergy company, today announced that it will effect a 1-for-12 reverse stock\nsplit (the “Reverse Stock Split”) of its common stock. The Reverse Stock\nSplit will become effective at 12:01 a.m. Eastern Time on August 13, 2026 (the\n“Effective Time”). The Company’s Common Stock will continue to trade on\nthe Nasdaq Capital Market under the symbol “SMXT” and will begin trading\non a reverse split-adjusted basis when the Nasdaq opens on August 13, 2026.\nThe new CUSIP number for the Common Stock following the Reverse Stock Split\nwill be 83419H202. The Company will pay cash in lieu of fractional shares\nbased on the closing market price of the common stock on the effective date of\nthe Reverse Stock Split. If after giving effect to the Reverse Stock Split, a\nstockholder would hold a fractional share, such stockholder will receive upon\nthe reverse split the number of whole shares issuable pursuant to the Reverse\nStock Split plus cash for the fractional share.\n\nOn August 4, 2026, the Company amended its Amended and Restated Articles of\nIncorporation by filing a Certificate of Change with the Secretary of State of\nNevada to effect a reverse stock split of the Common Stock at a ratio of\n1-for-12 and to effect a reduction of its authorized common stock from\n297,225,000 shares to 24,768,750 shares, which is 1/12 of the number of\npreviously authorized shares, effective at the Effective Time. Pursuant to\nSection 78.207 of the Nevada Revised Statutes, the Board of Directors has the\npower to effect a reverse split of the Company’s common stock without\nstockholder approval as long as the authorized common stock is decreased in\nthe same ratio.\n\nAs a result of the Reverse Stock Split, the number of outstanding shares of\nCommon Stock is reduced from 56,906,572 shares to approximately 4,742,215\nshares of Common Stock. The exact number of shares will be determined after\ncash is paid for fractional shares. The ownership percentage of each\nstockholder will remain unchanged other than as a result of fractional shares.\nProportional adjustments will be made to both the number of shares of Common\nStock issuable upon exercise of outstanding options or the conversion of\noutstanding convertible notes, as well as to the applicable exercise or\nconversion price. Stockholders whose shares are held in brokerage accounts\nshould direct any questions concerning the Reverse Stock Split to their\nbroker. All stockholders of record may direct questions to the Company’s\ntransfer agent, Continental Stock Transfer and Trust at (800) 509-5586 or\n(212) 509-5586 (international).\n\nThe Reverse Stock Split is intended to support the Company’s effort to\nregain compliance with the minimum bid price requirement for maintaining the\nlisting of its Common Stock on the Nasdaq Capital Market. On March 3, 2026,\nthe Company received a notice from The Nasdaq Stock Market that the Company\ndoes not meet Nasdaq’s continued listing requirement that the Company\nmaintain a minimum bid price of $1 per share. The Nasdaq rules provide that\nthe Company has a compliance period of 180 calendar days to regain compliance.\nThis period expires on August 31, 2026. To become compliant, the closing bid\nprice of the Company’s common stock must be at least $1 per share for a\nminimum of ten consecutive business days. The Reverse Stock Split is intended\nto enable the Company to meet this requirement.\n\nIn addition, as previously reported, on June 22, 2026, the Company received a\nnotice from Nasdaq that the Company does not meet the continued listing\nrequirement that the Company maintain a minimum market value of listed\nsecurities of $35 million. The Nasdaq rule provides that the Company has a\ncompliance period of 180 calendar days to regain compliance. This period\nexpires on December 21, 2026. In the event the Company does not regain\ncompliance with this rule prior to the expiration of the compliance period, it\nwill receive written notification that its securities are subject to\ndelisting. The Reverse Stock Split does not address the minimum market value\nof listed securities.\n\nAbout SolarMax Technology Inc.\n\nSolarMax, based in California and founded in 2008, is a leader within the\nsolar and renewable energy sector focused on making sustainable energy both\naccessible and affordable. SolarMax has established a strong presence in\nsouthern California and, commencing in the third quarter of 2025, expanded its\nUnited States operations to include services for industrial EPC projects.\nSolarMax is looking to generate growth with strategic initiatives that aim to\nscale commercial solar development services and provide EPC services for\nindustrial projects and LED lighting solutions in the US while expanding its\nresidential solar operations. For more information, visit\nwww.solarmaxtech.com.\n\nAny information contained on, or that can be accessed through, our website or\nany other website or any social media is not a part of this press release.\n\nForward Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended (“Securities Act”)\nas well as Section 21E of the Securities Exchange Act of 1934, as amended, and\nthe Private Securities Litigation Reform Act of 1995, as amended, that are\nintended to be covered by the safe harbor created by those sections.\nForward-looking statements, which are based on certain assumptions and\ndescribe the Company's future plans, strategies and expectations, can\ngenerally be identified by the use of forward-looking terms such as\n“believe,” “expect,” “may,” “will,” “should,” “would,”\n“could,” “seek,” “intend,” “plan,” “goal,” “project,”\n“estimate,” “anticipate,” “strategy,” “future,” “likely”\nor other comparable terms, although not all forward-looking statements contain\nthese identifying words. All statements other than statements of historical\nfacts included in this press release regarding the Company's strategies,\nprospects, financial condition, operations, costs, plans and objectives are\nforward-looking statements. Important factors that could cause the Company's\nactual results and financial condition to differ materially from those\nindicated in the forward-looking statements. Such forward-looking statements\nare subject to risk and uncertainties, including, but not limited to, the\ncontinued listing of the common stock on Nasdaq and those factors described in\n“Cautionary Note on Forward-Looking Statements” “Item 1A. Risk\nFactors,” and “Item 7. Management's Discussion and Analysis of Financial\nCondition and Results of Operations,” in the Company’s Annual Report on\nForm 10-K for the year ended December 31, 2025, as filed with the SEC on\nApril 6, 2026 and “Management’s Discussion and Analysis of Financial\nConditions and Results of Operations” in the Company’s quarterly report on\nForm 10-Q for the quarter ended March 31, 2026, which was filed with the SEC\non May 15, 2026. SolarMax undertakes no obligation to update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, after the date on which the statements are made or to\nreflect the occurrence of unanticipated events except as required by law. You\nshould read this press release with the understanding that our actual future\nresults may be materially different from what we expect.\n\nContact:\nFor more information, contact:\nStephen Brown, CFO\n(951) 300-0711\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-08-11T12:30:00.851486991Z","server_sent_at_ms":1786451400851},"received_at":"2026-08-11T12:30:03.085Z","source_url":"https://www.globenewswire.com/news-release/2026/08/11/3342706/0/en/solarmax-technology-announces-reverse-stock-split-to-support-effort-to-regain-compliance-with-nasdaq-s-minimum-bid-price-requirement.html"},"analysis":{"id":"104415","press_release_id":"115420","analysis_json":{"industry":{"label":"Construction & Engineering","sector":"Industrials"},"redFlags":["Reverse split ratio of 1-for-12 signals significant listing compliance risk","Separate delisting risk for minimum market value of listed securities ($35M) remains unaddressed by this split"],"eventType":"reverse_split","narrative":"SolarMax Technology announced a 1-for-12 reverse stock split effective August 13, 2026, to regain compliance with Nasdaq's minimum bid price requirement.\n\nThe split reduces outstanding shares from approximately 56.9 million to 4.7 million and adjusts the authorized share count proportionally in response to a deficiency notice received in March 2026.\n\nManagement noted that the reverse split does not address a separate delisting notice received in June 2026 regarding the minimum market value of listed securities, for which the compliance period expires in December.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Drastic 1-for-12 reverse split executed to avoid delisting, though a separate compliance issue regarding market value remains unresolved."},"keyFigures":{"customDimensions":{"reverse_split_ratio":"1-for-12","authorized_shares_pre_split":297225000,"authorized_shares_post_split":24768750,"shares_outstanding_pre_split":56906572,"shares_outstanding_post_split":4742215}},"quotedText":"","namedEntities":{"people":[{"name":"Stephen Brown","role":"CFO"}],"products":[],"companies":[{"name":"SolarMax Technology, Inc.","ticker":"SMXT"},{"name":"The Nasdaq Stock Market","relationship":"exchange"},{"name":"Continental Stock Transfer and Trust","relationship":"transfer agent"}],"dollarAmounts":[{"amount":"$1 per share","context":"Nasdaq minimum bid price requirement"},{"amount":"$35 million","context":"Nasdaq minimum market value of listed securities requirement"}]},"materialImpact":{"score":4,"reasoning":"The 1-for-12 reverse split ratio exceeds 1-for-10, indicating significant effort to artificially inflate the share price to satisfy Nasdaq listing requirements. The company faces immediate delisting risk if the bid price does not stabilize, plus a separate unaddressed deficiency regarding market value of listed securities."},"tickerRelevance":{"others":[],"primary":"SMXT"},"globalImportance":20,"audienceRelevance":15,"eventTypeSecondary":["regulatory"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"reverse_split_distress","sectorWeight":"standard"}},"event_type":"reverse_split","event_type_secondary":["regulatory"],"sentiment":"bearish","material_impact_score":4,"narrative":"SolarMax Technology announced a 1-for-12 reverse stock split effective August 13, 2026, to regain compliance with Nasdaq's minimum bid price requirement.\n\nThe split reduces outstanding shares from approximately 56.9 million to 4.7 million and adjusts the authorized share count proportionally in response to a deficiency notice received in March 2026.\n\nManagement noted that the reverse split does not address a separate delisting notice received in June 2026 regarding the minimum market value of listed securities, for which the compliance period expires in December.","key_figures":{"customDimensions":{"reverse_split_ratio":"1-for-12","authorized_shares_pre_split":297225000,"authorized_shares_post_split":24768750,"shares_outstanding_pre_split":56906572,"shares_outstanding_post_split":4742215}},"named_entities":{"people":[{"name":"Stephen Brown","role":"CFO"}],"products":[],"companies":[{"name":"SolarMax Technology, Inc.","ticker":"SMXT"},{"name":"The Nasdaq Stock Market","relationship":"exchange"},{"name":"Continental Stock Transfer and Trust","relationship":"transfer agent"}],"dollarAmounts":[{"amount":"$1 per share","context":"Nasdaq minimum bid price requirement"},{"amount":"$35 million","context":"Nasdaq minimum market value of listed securities requirement"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-11T16:36:22.483Z","global_importance":20,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap","eventGravity":"reverse_split_distress","sectorWeight":"standard"}},"durationMs":309694,"modelName":"glm-4.7"}}