Enova Systems Announces Delisting from NYSE MKT
26 October 2012 - 2:00PM
Business Wire
Enova Systems, Inc. (NYSE MKT: ENA) (AIM: ENV) (AIM:
ENVS), (the “Company”) received notification on October 24, 2012
from the NYSE MKT (the “Exchange” and formerly known as the NYSE
Amex) stating that, because the Company was not in compliance with
certain of the Exchange’s continued listing standards, the Exchange
intends to strike the common stock of the Company from the Exchange
by filing a delisting application with the Securities and Exchange
Commission (the “SEC”). The Company previously disclosed in Current
Reports on Form 8-K filed with the SEC on April 20, 2012, May 29,
2012, July 6, 2012, and October 24, 2012 the provisions of
Exchange’s continued listing standards with which the Company was
not in compliance. The Company does not intend to request an appeal
hearing of the Exchange’s delisting determination.
The Company anticipates that the delisting of its common stock
from the Exchange will be effective at the opening of the Exchange
on Wednesday, October 31, 2012.
The Company expects that its common stock will trade on the
OTCQB Marketplace under the Company’s current trading symbol “ENA”
upon delisting from the Exchange, or as soon as practicable
thereafter. The OTCQB is a market tier operated by the OTC Market
Group Inc. for over-the-counter traded companies. The Company
anticipates that the delisting will be completed once the Exchange
files a Form 25-NSE Notification of Delisting with the SEC. The
delisting and transition to the OTCQB does not change the Company’s
obligations to file periodic and other reports with the SEC under
applicable federal securities laws.
The Company expects that the admission of its common stock for
trading on London Stock Exchange’s AIM market will be unaffected by
the NYSE MKT’s determination.
About Enova:
Enova Systems (http://www.enovasystems.com) is a leading
supplier of efficient, environmentally friendly digital power
components and systems products. The Company’s core competencies
are focused on the development and commercialization of power
management and conversion systems for mobile applications. Enova
applies unique ‘enabling technologies’ in the areas of alternative
energy propulsion systems for light and heavy-duty vehicles as well
as power conditioning and management systems for distributed
generation systems. The Company develops, designs and produces
non-invasive drive systems and related components for electric,
hybrid-electric, and fuel cell powered vehicles in both the “new”
and “retrofit” vehicle sales market. For further information,
contact Enova Systems directly, or visit its Web site at
http://www.enovasystems.com.
Additional Information:
This news release contains forward-looking statements relating
to Enova Systems and its products that are intended to be covered
by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,’’
“could,” “project,” “plan,’’ “seek,” “intend,’’ or “anticipate’’ or
the negative thereof or comparable terminology and statements about
industry trends and Enova’s future performance, operations and
products. These forward-looking statements are subject to and
qualified by certain risks and uncertainties. These and other risks
and uncertainties are detailed from time to time in Enova Systems’
periodic filings with the Securities and Exchange Commission,
including but not limited to Enova’s annual report on Form 10-K for
the year ended December 31, 2011 and Form 10-Q for the quarterly
period ended June 30, 2012.
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