Beacon Power Receives Nasdaq Notice of Minimum Bid Price Non-Compliance
06 10월 2011 - 6:00AM
Beacon Power Corporation (Nasdaq:BCON) today announced that it has
received a letter from The Nasdaq Stock Market indicating that, for
the last 30 consecutive business days, the bid price of the
Company's common stock has closed below the minimum $1.00 per share
requirement for continued inclusion on The Nasdaq Capital Market
per Nasdaq Listing Rules. The notification has no effect at this
time on the listing of the Company's common stock, which will
continue to trade under the symbol BCON.
The Company has been provided 180 calendar days, or until
March 28, 2012, to regain compliance. If at any time before this
date the Company's common stock has a closing bid price of $1.00 or
more for a minimum of 10 consecutive business days, Nasdaq staff
will notify Beacon that it has regained compliance.
If Beacon has not regained compliance by March 28, 2012,
the Company may be eligible for additional time and may be granted
another 180 calendar day extension.
About Beacon Power Corporation
Beacon Power Corporation designs, develops and is
commercializing advanced products and services to support stable,
reliable and efficient electricity grid operation. Beacon's Smart
Energy MatrixTM, now in production, being operated and earning
revenue, is a non-polluting, megawatt-scale, fast-response
flywheel-based solution designed to provide less expensive, more
sustainable and effective regulation services to power grids around
the world. The Company's business strategy is both to supply
regulation services from its own plants and to sell systems
directly to utilities or grid operators in parts of North America
and selected international markets. Beacon is a publicly traded
company with its research, development and manufacturing facility
in the U.S. More information at www.beaconpower.com.
Safe Harbor Statements under the Private Securities
Litigation Reform Act of 1995: The Material contained in
this press release may include statements that are not historical
facts and are considered "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect Beacon Power Corporation's
current views about future events, financial performances, and
project development. These "forward-looking" statements are
identified by the use of terms and phrases such as "will,"
"believe," "expect," "plan," "anticipate," and similar expressions
identifying forward-looking statements. Investors should not rely
on forward-looking statements because they are subject to a variety
of risks, uncertainties, and other factors that could cause actual
results to differ materially from Beacon's expectation. These
factors include: a short operating history; a history of losses and
anticipated continued losses from operations; the complexity and
other challenges of arranging project financing and resources for
one or more frequency regulation power plants, including
uncertainty about whether we will be able to comply with the
conditions or ongoing covenants of the Federal Financing Bank loan
for our Stephentown, New York, facility; our need to comply with
any disbursement or other conditions under the DOE Smart Grid grant
program; a need to raise additional equity to fund Beacon's
projects and our other operations in uncertain financial markets;
conditions in target markets, such as that some ISOs are taking
longer than others to comply with FERC's requirement to update
market rules to include new technology such as ours, and also such
as that frequency regulation pricing is lower in the short-term
than at many times in the past; our ability to obtain site
interconnection approvals, landlord approvals, or other zoning and
construction approvals in a timely manner; limited experience
manufacturing commercial products or supplying frequency regulation
services on a commercial basis; limited commercial contracts for
revenues to date; the dependence of revenues on the achievement of
product optimization, manufacturing and commercialization
milestones; dependence on third-party suppliers; intense
competition from companies with greater financial resources,
especially from companies that are already in the frequency
regulation market; possible government regulation that would impede
the ability to market products or services or affect market size;
possible product liability claims and the negative publicity which
could result; any failure to protect intellectual property;
retaining key executives and the possible need in the future to
hire and retain key executives; the historical volatility of our
stock price, as well as the volatility of the stock price of other
companies in the energy sector, especially in view of current
conditions in the financial markets generally. These factors are
elaborated upon and other factors may be disclosed from time to
time in Beacon Power filings with the Securities and Exchange
Commission. Beacon Power expressly does not undertake any duty to
update forward-looking statements.
CONTACT: Beacon Power
Investor Relations Contact:
Chris Witty
Darrow Associates
646-438-9385
cwitty@darrowir.com
Beacon Power Corp (MM) (NASDAQ:BCON)
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