BETHESDA, Md., Aug. 11, 2017 (GLOBE NEWSWIRE) -- TerraForm Power, Inc. (Nasdaq:TERP) (“TerraForm Power” or the
“Company”), an owner and operator of clean energy power plants, today announced that on August 10, 2017 it received a notification
letter from a Senior Director of Nasdaq Listing Qualifications (the “Notification Letter”). The Notification Letter stated that
because the Company has not yet filed its Form 10-Q for the quarter ended June 30, 2017, this serves as an additional basis for
delisting the Company’s securities from the Nasdaq Stock Market under Nasdaq Listing Rule 5250(c)(1), which requires timely filing
of periodic reports with the Securities and Exchange Commission (the “SEC”).
On June 30, 2017, the Company announced that the Nasdaq Hearings Panel granted the Company further extensions to
regain compliance with Nasdaq’s continued listing requirements. Under these extensions, the Company’s Class A common stock will
remain listed on the Nasdaq Stock Market, subject to the requirement that the Company’s Form 10-K for the year ended December 31,
2016 be filed with the SEC by July 24, 2017, its annual meeting of stockholders be held by August 24, 2017, its Form 10-Q for the
first quarter of 2017 be filed with the SEC by August 30, 2017 and its Form 10-Q for the second quarter of 2017 be filed with the
SEC by September 30, 2017. The Company filed its Form 10-K for the year ended December 31, 2016 on July 21, 2017 and held its
annual meeting of stockholders on August 10, 2017.
The Notification Letter has no immediate effect on the listing of the Company’s Class A common stock on the
Nasdaq Global Select Market. The Company continues to work to regain compliance with Nasdaq’s continued listing requirements as
soon as practicable. However, there can be no assurance that the Company will file its Forms 10-Q for the first and second quarters
of 2017 and regain compliance with Nasdaq’s continued listing requirements on or before the respective deadlines.
About TerraForm Power
TerraForm Power is a renewable energy company that is changing how energy is generated, distributed and owned.
TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about
TerraForm Power, please visit: www.terraformpower.com.
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals,
assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,”
“anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “goal,” “guidance,” “outlook,” “objective,”
“forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and
phrases.
Such statements include, without limitation, statements regarding the Company’s ability and time required to
regain compliance with Nasdaq’s rules; and the progress, outcome and timing of completing its Forms 10-Q for the first and second
quarters of 2017. These forward-looking statements are based on current expectations as of the date of this press release and are
subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or
implied by such statements, including but not limited to: the extent and impact of delays in the Company’s completion of its Forms
10-Q for the first and second quarters of 2017; whether the Company will be granted additional time to regain compliance with
Nasdaq’s continued listing requirements; the Company’s ability to regain compliance with Nasdaq’s continued listing requirements;
as well as additional factors we have described in other filings with the SEC.
The risks included above are not exhaustive. Other factors that could adversely affect our business and
prospects are described in the filings made by us with the SEC. The Company undertakes no obligation to publicly update or revise
any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by
law.
Contacts Investors: Brett Prior TerraForm Power investors@terraform.com Media: Meaghan Repko / Joseph Sala Joele Frank, Wilkinson Brimmer Katcher media@terraform.com (212) 355-4449
