SatCon Announces Receipt of Notification from Nasdaq of Failure to Satisfy a Continued Listing Rule or Standard
02 September 2006 - 4:30AM
Business Wire
SatCon Technology Corporation(R) (Nasdaq NM: SATC) received a
notification from the Nasdaq Listings Qualification Department that
the Company has failed to satisfy a continued listing requirement
of The Nasdaq Global Market because the market value of the
Company's listed securities has fallen below $50,000,000 for 10
consecutive business days pursuant to Nasdaq Marketplace Rule
4450(b)(1)(A). Nasdaq also informed the Company that it failed to
comply with Nasdaq Marketplace Rule 4450(b)(1)(B), which requires
total assets and total revenue of $50,000,000 each for the most
recently completed fiscal year or two of the last three most
recently completed fiscal years. Under the Nasdaq Global Market
Continued Inclusion Requirements, the Company may maintain its
listing qualification without complying with this requirement if it
is in compliance with Nasdaq Marketplace Rule 4450(b)(1)(A) with
respect to the market value of its listed securities being at least
$50,000,000. Pursuant to Nasdaq Marketplace Rule 4450(e)(4), the
Company has been provided a period of 30 calendar days, or until
September 29, 2006, to regain compliance. In the event the Company
does not regain compliance by September 29, 2006, the Company has
the right to appeal a staff determination to delist the Company's
securities and the Company's securities will remain listed until
completion of the appeal process. In addition, in the event the
Company cannot meet the requirements for continued listing on The
Nasdaq Global Market, it may apply to transfer to The Nasdaq
Capital Market. About SatCon Technology Corporation SatCon
Technology Corporation is a developer and manufacturer of
electronics and motors for the Alternative Energy, Hybrid-Electric
Vehicle, Grid Support, High Reliability Electronics and Advanced
Power Technology markets. For further information, please visit the
SatCon website at www.satcon.com. (SATC-E) Statements made in this
document that are not historical facts or which apply prospectively
are forward-looking statements that involve risks and
uncertainties. These forward-looking statements are identified by
the use of terms and phrases such as "believes," "expects,"
"plans," "anticipates" and similar expressions. Investors should
not rely on forward looking statements because they are subject to
a variety of risks and uncertainties and other factors that could
cause actual results to differ materially from the Company's
expectation. Additional information concerning risk factors is
contained from time to time in the Company's SEC filings. The
Company expressly disclaims any obligation to update the
information contained in this release.
Satcon Technology Corp. (MM) (NASDAQ:SATC)
Historical Stock Chart
From Sep 2024 to Oct 2024
Satcon Technology Corp. (MM) (NASDAQ:SATC)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about Satcon Technology Corp. (MM) (NASDAQ): 0 recent articles
More SatCon Technology Corporation News Articles