IBJNews

EnerDel parent in danger of losing NASDAQ listing

Back to TopCommentsE-mailPrintBookmark and Share

Battery maker Ener1 could lose its listing on the NASDAQ stock exchange if it continues trading below $1 per share.

The New York parent of EnerDel, which has almost 400 employees in the Indianapolis area, told investors Friday that it had received written notice of its failure to comply with NASDAQ's listing requirements.

The bid price of Ener1's stock had closed below the minimum $1 per share for 30 consecutive business days prior to Sept. 6. The stock (HEV) closed Friday at 36 cents per share.

Ener1 shares will have to rise to or above the $1 minimum for at least 10 consecutive business days between now and March 5 to stay in compliance.

Ener1's stock-price woes began in May, after the company wrote off $73 million related to its interest in Think, the electric car company. In August, the company delayed filing its second-quarter earnings report and later said it would restate previously announced earnings. An auditor said the company's cash-flow problems could put it out of business.

On Monday, Ener1 said it had restructured $58.5 million in debt. In addition, principal shareholder BzinFin S.A., the company backed by Russian businessman Boris Zingarevich, has extended the maturity date on a $15 million line of credit from November 2011 to July 2013.

"We're pleased with the confidence placed in us by our investors, since these agreements give us greater flexibility to achieve our business goals," Chairman and CEO Charles Gassenheimer said in a written statement.

Should Ener1 fail to meet NASDAQ’s 10-day demand, its stock would be relegated to penny-stock status on the over-the-counter bulletin board or the pink sheets. Once that happens, shares are harder to buy and sell.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT