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Nasdaq Warns It May Delist A123
Nasdaq has notified lithium-ion battery maker A123 Systems Inc. that the company's stock will be removed from the exchange's listings on Feb. 19 unless its share price rebounds to at least $1 for 10 consecutive days.
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Nasdaq has notified lithium-ion battery maker A123 Systems Inc. that the company's stock will be removed from the exchange's listings on Feb. 19 unless its share price rebounds to at least $1 for 10 consecutive days.
The Waltham-Mass.-based company's shares closed at an all-time low of 36 cents on Thursday. A123 stock reached its record high of $25.77 in October 2009, a week after it went public.
The company's share price has been hurt this year by warranty expenses and the costs of recalling defective batteries. A123 lost $83 million in the second quarter as revenue plunged more than 50% to $17 million. The company said in May it faced collapse unless it received a capital infusion.
China's Wanxiang Group Corp. agreed earlier this month to invest $465 million to buy 80% of the company and provided an immediate $25 million bridge loan.
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