ENERGY CONVERSION DEVICES INC FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
(Edgar Glimpses Via Acquire Media NewsEdge) Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 15, 2011, Energy Conversion Devices, Inc. (the "Company"), received a deficiency letter (the "Notification Letter") from The NASDAQ Stock Market ("NASDAQ") notifying the Company that it no longer meets NASDAQ's requirements for continued listing on the NASDAQ Global Select Market under NASDAQ Listing Rule 5450(a)(1) (the "Bid Price Rule") because the minimum bid price of the Company's common stock has not equaled or exceeded $1.00 at least once over a period of 30 consecutive trading days. The Notification Letter does not impact the Company's listing on the NASDAQ Global Select Market at this time and the Company's common stock will continue to trade on the NASDAQ Global Select Market under the symbol "ENER." NASDAQ explained in the Notification Letter that under NASDAQ Listing Rule 5810(c)(3)(A), the Company will be afforded 180 calendar days, or until March 13, 2012, to regain compliance with the Bid Price Rule. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for at least 10 consecutive business days. If the Company does not regain compliance by March 13, 2012, NASDAQ will provide written notification to the Company that the Company's common stock will be subject to delisting from the NASDAQ Global Select Market. The Company may, however, be eligible for an additional grace period if it satisfies the continued listing requirement for market value of publicly held shares and all other initial listing standards (with the exception of the Bid Price Rule) for listing on the NASDAQ Capital Market, and submits a timely notification to NASDAQ to transfer the listing of our common stock to the NASDAQ Capital Market. The Company may also appeal NASDAQ's delisting determination to a NASDAQ Hearings Panel.
The Company intends to actively monitor the bid price of our common stock and will consider available options to resolve the deficiency and regain compliance with the NASDAQ requirements. Such actions could include implementation of a reverse split of the Company's common stock, which would need to be authorized by the Company's stockholders, or other possible actions. However, the Company has not yet determined what action to pursue to ensure compliance with NASDAQ's continued listing requirements, and there can be no assurance that the Company will be able to regain compliance with NASDAQ's continued listing requirements or successfully transition to the NASDAQ Capital Market.
United Solar Ovonic Receives $13 Million Manufacturing Investment Tax Credit From Stimulus Program
ROCHESTER HILLS, Mich., Jan. 21 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, today announced that its affiliate United Solar Ovonic LLC has received stimulus support from the Department of Energy and the Department of Treasury.
The company was notified late last week that its application for a Manufacturing Investment Tax Credit was approved. The $13.275 million credit will support United Solar Ovonic's plan to invest $42 million in its Auburn Hills 1 facility to upgrade equipment used in its commercial solar deposition process.
Upon successful completion of the upgrades, the deposition machines will have significantly greater output. These improvements will lower the company's cost of manufacturing while increasing the efficiency of the solar laminates and is expected to create approximately 600 jobs in Michigan.
"We are very appreciative of the Obama Administration's efforts to support American clean technology through the stimulus programs," said Mark Morelli, ECD President and CEO. "We are also grateful for the support from Senators Stabenow and Levin, Congressman Peters and other members of the Michigan congressional delegation. Governor Granholm and her staff were also critical in supporting our application. These elected officials do an important job in Washington and here in Michigan of delivering a consistent message of support for American manufacturing jobs and business in Michigan."
About Energy Conversion Devices
Energy Conversion Devices is a leader in building integrated and rooftop photovoltaics. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD's UNI-SOLAR brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. Through its Solar Integrated Technologies business, the company also designs, manufactures and installs rooftop photovoltaic systems which enable customers to transform unused space on the rooftop into a value-generating asset. For more information, please visit
www.energyconversiondevi ces.com.
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to maintain our customer relationships; the worldwide demand for electricity and the market for solar energy; the supply and price of components and raw materials for our products; and our customers' ability to access the capital needed to finance the purchase of our products; and risks associated with integrating Solar Integrated Technologies, Inc. The risk factors identified in the ECD filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release.
SOURCE Energy Conversion Devices, Inc.
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