Plug Power back in compliance with Nasdaq rules
LATHAM — Latham fuel cell maker Plug Power learned Thursday that it has regained compliance with Nasdaq's minimum bid price rule. The news came 14 months after it first fell out of compliance.
This means that the company's common stock maintained a minimum closing bid price of $1 per share for 10 consecutive business days. Plug Power first fell out of compliance with this rule in October 2012, and was given six months to get the price back up. When it failed to do that, it was given a six-month extension.
About two months ago, the company received a letter from Nasdaq that it had again failed to regain compliance. In order to avoid delisting of its securities from the Nasdaq Stock Market, Plug Power decided to appeal that determination. That kicked off a process that included Plug Power going before a panel to present a plan for achieving compliance.
On Thursday, the company received a letter from Nasdaq staff saying it had regained compliance with the minimum bid price rule and had satisfied the terms of the panel.
"Accordingly, Nasdaq has advised that the matter is now closed," read a news release issued last week.
Plug Power manufactures fuel cell systems for the industrial off-road market, including forklifts. Its common stock price closed at a low of just 12 cents per share on Feb. 15 this year. It began to rise during the summer months, and finally shot up over the $1 mark on Dec. 4 when its closing price reached $1.27. On Friday, the day the company issued a news release about its renewed compliance, the stock price closed at $1.84 per share.
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