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Industry News
August 24, 2012
A123 to Receive Delisting Notice From Nasdaq
A123 Systems Inc., a lithium-ion battery maker funded by a $249 million U.S. government grant, has received notice from the Nasdaq this week that its stock price is too low for exchange standards and will be delisted if it does not recover to $1 in the next six months.
Companies must maintain a share price of at least $1 to be listed on the Nasdaq. If a stock falls below that minimum for more than 30 consecutive business days -- as A123’s has -- a de-listing warning is issued. A123 has until mid-February to raise its share price.
The stock closed at a lifetime low of 37 cents mid week and has dropped more than 90 percent from its 12-month high in September 2011, hurt by the company’s worsening cash position due to slower-than-expected demand and a pricey battery recall this year.
This year, A123 was hit by costs tied to recalling defective batteries installed in Fisker Automotive’s Karma plug-in hybrid. Battery demand has not been as robust as A123 predicted in 2009, when it won a technology grant from the Obama administration.
But the battery maker won a lifeline this month from Chinese auto parts firm Wanxiang Group Corp, which is investing $465 million to buy 80 percent of A123.
If A123’s stock fails to rise, the company will have the chance to be listed on the Nasdaq Capital Market.
More news and information regarding the latest developments in Smart Grid electronics can be found at Darnell’s SmartGridElectronics.Net.
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