BP Approved for Listing On Nasdaq Small Cap Market
WILMINGTON, Mass., Jul 18, 2002 (BUSINESS WIRE) -- Beacon Power a developmental-stage company which designs, develops and offers for sale battery-free, flywheel-based power systems that provide highly reliable, high-quality, environmentally-friendly, uninterruptible electric power, announced it had received approval from the Nasdaq SmallCap Market for the quotation of its shares.
"Beacon Power shareholders will be pleased with the news of the approval to move our listing to the Nasdaq SmallCap market," stated Jim Spiezio, Vice President and CFO of Beacon Power, "in that there will be no interruption in the ability of our shareholders to buy or sell shares on Nasdaq. We are pleased to have resolved this matter."
Beacon's stock will be eligible to request a transfer of the quotation back to the National Market System if it maintains a closing bid price of $1.00 for 30 consecutive trading days before September 9, 2002 and complies with other NMS maintenance requirements. After September 9, 2002, it may become eligible to request transfer back to the Nasdaq NMS if by March 10, 2003 it meets the above closing bid price test and has maintained compliance with all other continued listing requirements on that market. If it does not achieve these tests, then thereafter, it may be listed on the NMS only if it meets all the normal criteria for initial inclusion in the NMS.
The Company can continue the quotation of its shares on the SmallCap Market if the Company achieves a closing bid price of $1.00 for at least ten consecutive trading days before September 9, 2002. If it fails to do so and yet meets one of the core maintenance criteria for the SmallCap Market on September 9, then it still will remain eligible to be quoted on the SmallCap Market for an additional 180-calendar day grace period thereafter (expiring on March 10, 2003). The Company expects to meet such maintenance criteria. If it fails to meet the closing bid price test by March 10, 2003, then the Company will no longer qualify to be quoted on the SmallCap Market, and would need to apply to be quoted on the OTC Bulletin Board. |
