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

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.

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SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.