Nasdaq warns Danbury company on listing requirement
Nasdaq issued FuelCell Energy a warning that it risks being delisted if the company’s shares remain below the $1 mark, after 30 consecutive days the issue has traded below that threshold.
FuelCell has its headquarters in Danbury and manufacturers fuel cells in Torrington that create electricity through a chemical process, with its fiscal third quarter revenue up 17 percent from a year ago to $12.1 million, but reporting a $17.6 million loss for the period ending in July including dividends paid out to preferred investors.
The company’s shares are traded under the FCEL ticker symbol, closing Tuesday at 64 cents.
Under Nasdaq’s listing rules, FuelCell has until the end of next May to regain compliance, which would be satisfied if the company’s shares trade above $1 for 10 consecutive days. Failing that, FuelCell could apply to transfer its securities to the Nasdaq Capital Market and the opportunity for a new, six-month window.
Alex.Soule@scni.com; 203-842-2545; @casoulman