In a recent filing on Friday, FuelCell Energy announced that it has been granted an extension from a possible delisting from Nasdaq.
The rules for listing under Nasdaq are that the closing bid price of a Company’s common stock must not be below the required minimum of $1.00 per share for the previous 30 consecutive business days.
In its filing FuelCell Energy states that, “In accordance with Nasdaq Listing Rules, the Company has a period of 180 calendar days, or until January 14, 2020, to regain compliance with the minimum bid price requirement. “
Entire Filing below.
On July 18, 2019, FuelCell Energy, Inc. (the “Company”) received a letter from The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1) because the closing bid price of the Company’s common stock was below the required minimum of $1.00 per share for the previous 30 consecutive business days.
This notification has no immediate effect on the listing of the Company’s common stock.
In accordance with Nasdaq Listing Rules, the Company has a period of 180 calendar days, or until January 14, 2020, to regain compliance with the minimum bid price requirement. If at any time before January 14, 2020 the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide the Company with written confirmation that it has regained compliance with the minimum bid price requirement and this matter will be closed.
The Company has notified Nasdaq of its intention to regain compliance with the Nasdaq minimum bid price requirement. The Company is currently in compliance with all other Nasdaq quantitative continued listing standards.
If the Company is unable to demonstrate compliance with Rule 5450(a)(1) by January 14, 2020, the Company can submit an application to transfer its securities to The Nasdaq Capital Market and request an additional 180 day period to regain compliance with the minimum bid price requirement.
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