Capstone Regains Compliance with NASDAQ Minimum Bid Price Listing Rule
October 26 2017 - 4:15PM
Capstone Turbine Corporation (www.capstoneturbine.com)
(NASDAQ:CPST), the world's leading clean technology manufacturer of
microturbine energy systems, announced today that it received a
letter from The NASDAQ Stock Market stating that the company had
regained compliance with The NASDAQ Stock Market’s minimum bid
price listing requirement, Listing Rule 5550(a)(2) and this matter
is now closed. The letter comes as a result of Capstone’s share
price being at or above $1.00 per share for the last 10 consecutive
business days from October 12 to 25, 2017.
“We are happy to have regained compliance with NASDAQ’s minimum
bid price listing requirement,” said Darren Jamison, President and
Chief Executive Officer of Capstone Turbine. “We understand how
important it is for our customers, company and shareholders to
retain our status on the NASDAQ and it is an important element of
our ongoing efforts to improve shareholder value,” added Mr.
Jamison.
Capstone is also announcing that another key element of their
multi-point strategic plan to achieve Adjusted EBITDA breakeven is
the consolidation of its two manufacturing facilities into a single
manufacturing facility is on schedule to be completed by November
15, 2017. The Van Nuys, California location will also serve as its
corporate headquarters.
“The consolidation of our two facilities, which started this
summer has already started to improve and streamline our
manufacturing process and will continue to improve efficiency for
all operations moving forward,” said Kirk Petty, Vice President of
Manufacturing of Capstone Turbine.
“Consolidating into a single facility, while still producing our
world-class products, enables us to sublease our Chatsworth
facility sooner without business interruption. Once a sublease is
in place, it will further reduce our operating expenses which is a
key part of our multi-point strategic path towards achieving
Adjusted EBITDA breakeven in the near term,” said Jayme Brooks,
Capstone’s Chief Financial Officer and Chief Accounting
Officer.
Adjusted EBITDA is defined as net income before interest,
provision for income taxes, depreciation and amortization expense,
stock-based compensation expense and the change in warrant
valuation. Adjusted EBITDA is not a measure of our liquidity or
financial performance under GAAP and should not be considered as an
alternative to net income or any other performance measure derived
in accordance with GAAP, or as an alternative to cash flows from
operating activities as a measure of our liquidity.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST) is the world's leading producer of low-emission
microturbine systems and was the first to market commercially
viable microturbine energy products. Capstone has shipped over
9,000 Capstone Microturbine systems to customers worldwide. These
award-winning systems have logged millions of documented runtime
operating hours. Capstone is a member of the U.S.
Environmental Protection Agency's Combined Heat and Power
Partnership, which is committed to improving the efficiency of the
nation's energy infrastructure and reducing emissions of pollutants
and greenhouse gases. A UL-Certified ISO 9001:2015 and ISO
14001:2015 certified company, Capstone is headquartered in
the Los Angeles area with sales and/or service centers in
the United States, Latin America, Europe, Middle East and
Asia.
This press release contains “forward-looking statements,” as
that term is used in the federal securities laws. Forward-looking
statements may be identified by words such as “expects,”
“objective,” “intend,” “targeted,” “plan” and similar phrases.
These forward-looking statements are subject to numerous
assumptions, risks and uncertainties described in Capstone's
filings with the Securities and Exchange Commission that may cause
Capstone's actual results to be materially different from any
future results expressed or implied in such statements. Capstone
cautions readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Capstone undertakes no obligation, and specifically
disclaims any obligation, to release any revisions to any
forward-looking statements to reflect events or circumstances after
the date of this release or to reflect the occurrence of
unanticipated events.
“Capstone” and “Capstone Microturbine” are registered trademarks
of Capstone Turbine Corporation. All other trademarks
mentioned are the property of their respective owners.
CONTACT: Capstone Turbine CorporationInvestor
and investment media
inquiries:818-407-3628ir@capstoneturbine.com
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