Quantum Technologies Receives Delisting Notice From NASDAQ
Thursday, September 09, 2021 4:57 PM

Related Stories



IRVINE, Calif., Sept. 9 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it received a Nasdaq Staff determination letter on September 2, 2021 stating that the Company has not regained compliance with the $1.00 minimum closing bid price requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) (the "Minimum Bid Price Rule").  On September 9, 2010, the Company submitted its request for a hearing before a Nasdaq Listing Qualifications Panel (the "Panel") at which time it will request for continued listing on The Nasdaq Global Market pending its return to compliance with the Minimum Bid Price Rule.  The Company's request for a hearing automatically stays the delisting process until a determination is made by the Panel.  

In anticipation that the Company would be receiving the Nasdaq Staff determination letter, the Company included a proposal in its definitive proxy materials filed on August 27, 2021 for its Annual Meeting of Stockholders to be held on September 30, 2010, which, if approved, would give the Company's board of directors the discretion to implement a 1-for-20 reverse stock split at any time before February 28, 2011.  If the proposal is approved by the Company's stockholders and if required to be implemented by the Company's board of directors, the Company believes that it will result in the Company regaining compliance with the Minimum Bid Price Rule, thus, allowing the Company to maintain the listing of its common stock on The Nasdaq Global Market.  

About Quantum:

Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's wholly owned subsidiary, Schneider Power Inc., complements Quantum's emerging renewable energy presence through the development and ownership of wind and solar farms.  Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.

More information can be found about Quantum's products and services at www.qtww.com.

Forward Looking Statements:

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, other than those that are historical, are forward-looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology.  Forward-looking statements contained in this release include statements pertaining to the potential delisting of the Company's common stock from the Nasdaq Global Market and related matters.  Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements.  The most significant of these risks and uncertainties is the risk that the proposed reverse stock split is not approved by the Company's stockholders, the proposed reverse stock split, if approved, may not result in a minimum bid price of the Company's common stock at or above the $1.00 for 10 consecutive trading days as required by applicable Nasdaq listing rules in order for the Company to regain compliance with the Minimum Bid Price Rule, and the Nasdaq Listing Qualifications Panel may not approve the Company's request for continued listing on the Nasdaq Global Market.  Additional risks and uncertainties related to the Company and its business can be found in the Risk Factors section of the Company's Annual Report on Form 10-K for fiscal year 2010 and its other periodic filings filed from time to time. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

For more information regarding Quantum, please contact:

Investor Relations


      Brion D. Tanous

      Principal, CleanTech IR, Inc.

      Email:  btanous@cleantech-ir.com

      (310) 541-6824


      Dale Rasmussen

      (206)315-8242

      Email: drasmussen@qtww.com



SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.

Dale Rasmussen of Quantum Fuel Systems Technologies Worldwide, Inc., +1-206-315-8242, drasmussen@qtww.com; or Brion D. Tanous, Principal of CleanTech IR, Inc., +1-310-541-6824, btanous@cleantech-ir.com for Quantum Fuel Systems Technologies Worldwide, Inc.

(Source: PR Newswire )
 

Sponsors

Symbol :

Advertisement

Market news:

  • Blockbuster files for bankruptcy protection Sep 23, 2021 06:16 AM

    • NEW YORK - Troubled video-rental chain Blockbuster Inc. is filing for bankruptcy protection but will keep its stores and kiosks open as it reorganizes.
    • In a submission to the U.S. Bankruptcy Court in the Southern District of New York on Thursday, the company said it plans to recapitalize its balance sheet and transform its business model.
    • Once a home entertainment powerhouse, Blockbuster has been losing market share and money for years as more Americans rent DVDs from subscription service Netflix Inc. and popularity surged for streaming video over the Internet.
      • Obama presses Mideast peace in UN address Sep 23, 2021 06:16 AM

        • UNITED NATIONS - President Barack Obama is exhorting the world to unite around the Israeli-Palestinian peace process, challenging the United Nations to support an agreement that would create an independent Palestine and a secure Israel in a year's time.
        • In a speech to the annual session of the U.N. General Assembly on Thursday, Obama will call on world leaders to cast aside decades of division over the conflict, overcome cynicism and prove their support for a settlement to be reached by the two sides that his administration is now pushing against long odds.
        • "If an agreement is not reached, Palestinians will never know the pride and dignity that comes with their own state," he says.
          • GOP 'Pledge' makes closing argument to voters Sep 23, 2021 05:44 AM

            • WASHINGTON - Republicans are making their final argument to voters six weeks before the midterm congressional elections with a campaign manifesto designed to show they're listening to an angry public and focused on creating jobs.
            • GOP lawmakers on Thursday were to roll out their "Pledge to America" - a 21-page document filled with familiar proposals to slash taxes and spending and cut down on government regulation, as well as repeal President Barack Obama's health care law and end his stimulus program.
            • With polls showing voters disenchanted with Obama, worried about the economy and mad at elected officials, the agenda also vows to change the way Congress works - requiring every bill to cite its constitutional authority, for example, and to be made public for three days before a vote.
              • US: Dead in Afghan chopper crash were all American Sep 23, 2021 04:51 AM

                • KABUL, Afghanistan - All nine troops killed in the worst helicopter crash for the coalition in Afghanistan in four years were Americans, the Pentagon has confirmed without providing further information on why the aircraft carrying Navy special forces went down.
                • But Taliban spokesman Qari Yousef Ahmadi told The Associated Press by telephone that insurgents shot down the helicopter.
                • The U.S. Defense Department released the identities of the troops late Wednesday, saying four were with the Navy special forces - three of them Navy SEALS - and the rest were soldiers.
                  • Crawford, Longoria homer, Rays beat Yankees 7-2 Sep 23, 2021 04:13 AM

                    • NEW YORK - Carl Crawford and Evan Longoria hit consecutive homers Wednesday night, and the Tampa Bay Rays feasted on a fallible New York bullpen after a long rain delay took some of the luster out of a key September game for a 7-2 victory over the Yankees.
                    • Dan Johnson hit his third homer against New York in a week, and the Rays' bullpen outpitched the pinstriped relievers to help Tampa Bay pull within 1 1/2 games of New York in the AL East in a game that ended at 12:34 a.m. Tampa Bay improved to 9-8 in the season series - the first tiebreaker should the teams be equal after 162 games - with one game to go.
                    • He pitched 2 1-3 innings without giving up a hit.

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
gofasterstripesMr Lak CTXS$0.25
XXXXXXXXXX TOT$1.52
XXXXXXXXXX FDS$0.80
XXXXXXXXXX FDX$1.21
XXXXXXXXXX BRLI$0.28
anamrdaNA JNJ$1.15
XXXXXXXXXX SDRL$0.64
XXXXXXXXXX AXP$0.83
XXXXXXXXXX KWK$0.16
robertXXXXX AIG$0.99