BLUE BELL, Pa., Oct. 5 /PRNewswire/ -- C&D Technologies, Inc.
(NYSE: CHP) announced today that the New York Stock Exchange has
commenced suspension procedures for the Company.
The New York Stock Exchange in its October 4, 2010 press release stated, "The
decision to suspend the Company's common stock was reached in view
of the fact that the Company has fallen below the New York Stock
Exchange's ("NYSE") continued listing standard regarding average
global market capitalization over a consecutive 30 trading day
period of less than $15 million,
which is a minimum threshold for listing."
The New York Stock Exchange press release also stated, "The
Company has a right to a review of this determination by a
Committee of the Board of Directors of NYSE Regulation. Application
to the Securities and Exchange Commission to delist the issue is
pending the completion of applicable procedures, including any
appeal by the Company of the NYSE Regulation staff's decision."
The Company plans to appeal the determination. The Company is
also moving forward on a plan, announced on September 14, 2010, to launch an out-of-court
exchange offer for its outstanding convertible notes and to
simultaneously seek support for a voluntary prepackaged plan of
reorganization as a back-up alternative. The plan, agreed to
by a majority of the Company's noteholders, is also discussed in
the Company's Quarterly Report on Form 10-Q for the quarterly
period ended July 31, 2010, filed
with the Securities and Exchange Commission on September 14, 2010.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for
the switchgear and control (utility), telecommunications, and
uninterruptible power supply (UPS), as well as emerging markets
such as solar power. C&D Technologies' engineers, manufactures,
sells and services fully integrated reserve power systems for
regulating and monitoring power flow and providing backup power in
the event of primary power loss until the primary source can be
restored. C&D Technologies' unique ability to offer complete
systems, designed and produced to high technical standards, sets it
apart from its competition. C&D Technologies is headquartered
in Blue Bell, PA. For more
information about C&D Technologies, visit
http://www.cdtechno.com.
Forward-looking Statements:
This press release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934), which are
based on management's current expectations and are subject to
uncertainties and changes in circumstances. Words and expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. The Company's actual results
could differ materially from those anticipated in forward-looking
statements as a result of a variety of factors, including those
discussed in "Risk Factors" included in the Company's Annual Report
on Form 10-K for the year ended January 31,
2010, which should be read in conjunction with the Company's
Quarterly Report on Form 10-Q for the quarter ended July 31, 2010, including the risk factors
contained therein. We caution you not to place undue reliance on
these forward-looking statements. Further, factors that could cause
actual results to differ materially from forward-looking statements
include, but are not limited to, the following: the Company's
inability to list its shares of common stock on an alternative
exchange and the Company's failure to consummate the exchange offer
or the prepackaged plan for any other foreseen or unforeseen
reason.
SOURCE C&D Technologies, Inc.
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