The Nasdaq Stock Market has warned battery-maker A123 Systems that it may be removed from the exchange if its stock price doesn’t improve, according to an SEC filing.

A123 said it received a delisting notification from Nasdaq, standard procedure when a company’s stock price has traded below $1 for at least 30 consecutive business days.

The stock closed down 2.3 cents on Wednesday to 37.9 cents. Three key A123 executives sold nearly 7,000 shares for 46 cents each on Monday, Nike Air Max Shoesaccording to SEC filings released Tuesday.

The Waltham, Mass.-based company, which has nearly 800 employees in Michigan, has been given 180 calendar days to get its stock price above a dollar. At that point, it could get an extension, after which Nasdaq may delist the stock.

“The company intends to actively monitor the bid price for its common stock between now and Feb. 19, 2013, and will consider available options to resolve the deficiency,” A123 said in an SEC filing.

The news comes a week after A123 completed a deal with China auto supplier Wanxiang Group Corp., which will invest up to $465 million in A123.

Contact: Nathan Bomey at 313-223-4743 or nbomey@freepress.com

 


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