WILMINGTON, Mass., Nov. 22, 2004 (BUSINESS WIRE) — Beacon Power Corporation announced that on November 17 it received a letter dated November 16, 2004 from the Nasdaq Stock Market, stating that the Nasdaq Listing Qualifications Panel has granted the Company an additional 180 days to regain compliance with marketplace Rule 4310©(4).
The Company’s securities will continue to be listed on the Nasdaq SmallCap Market until May 12, 2005. That letter also indicated that Nasdaq has filed a proposed rule change with the Securities and Exchange Commission on October 21, 2004, which would allow the Company to remain listed beyond May 12, 2005 if it has not regained compliance by then. However, there is no assurance that the Company’s stock will continue to be listed on the Nasdaq SmallCap Market after May 12, 2005.
Previous to this, in a press release dated May 19, 2004, the Company announced that it had received a letter from Nasdaq dated May 17, 2004, indicating that the Company’s common stock had not met the $1.00 minimum bid price requirement for continued listing for the 30 days then ended, and that the Company’s common stock would, therefore, be subject to delisting from the Nasdaq SmallCap Market, pursuant to Nasdaq Marketplace Rule 4310©(4). Therefore, in accordance with Marketplace Rule 4310©(8)(D), the Company was provided 180 calendar days, or until November 15, 2004, to regain compliance or face delisting on November 15, 2004.
About Beacon Power
Beacon Power Corporation designs and develops sustainable energy storage and power conversion solutions that provide reliable electric power for the electric utility, renewable energy, and distributed generation markets. The Company’s new Smart Energy Matrix is a megawatt-level, utility-grade energy storage solution that is designed to deliver sustainable power quality services for frequency and voltage regulation, as well as power flow stabilization, and to support the demand for reliable, distributed electrical power.