Aqua Metals Receives NASDAQ Notification Regarding Minimum Bid Price Requirement
January 23 2020 - 8:00AM
Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”),
which is reinventing lead recycling with its AquaRefining™
technology, today announced that it has received a notification
letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that,
because the closing bid price of the Company’s common stock for 30
consecutive business days was below $1.00 per share, the Company no
longer meets the minimum bid price requirement set forth in Nasdaq
Listing Rule 5550(a)(2). Nasdaq Listing Rule 5810(c)(3)(A) provides
that a failure to meet the minimum bid price requirement exists if
the deficiency continues for a period of 30 consecutive business
days.
The notification has no immediate effect on the
listing of the Company’s common shares on Nasdaq. In accordance
with Listing Rule 5810(c)(3)(A), the Company has a period of 180
calendar days from the date of notification, or until July 13,
2020, to regain compliance with the minimum bid price requirement,
during which time the Company’s common shares will continue to
trade on the Nasdaq Capital Market. If at any time during the
compliance period the bid price of the Company’s common shares
closes at or above $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written notification that the
Company has achieved compliance with the minimum bid price
requirement. In the event the Company does not regain compliance by
July 13, 2020, the Company may be eligible for additional time to
regain compliance or may face delisting.
The Company intends to monitor the closing bid
price of its common shares between now and July 13, 2020, and is
considering its options in order to regain compliance with the
Nasdaq Capital Market minimum bid price requirement. The Company
intends to cure the deficiency within the prescribed grace
period.
Further, the Company intends to provide a
general update including insurance collection process and status
next week.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing
lead recycling with its patented AquaRefining™ technology. Unlike
smelting, AquaRefining is a room temperature, water-based process
that emits less pollution. The modular systems are intended to
allow the Company to vastly reduce environmental impact and scale
lead acid recycling production capacity by licensing the
AquaRefining technology to partners. This could help to meet
growing demand for lead to power new applications including
stop/start automobile batteries which complement the vehicle’s main
battery, lead acid batteries which are in electric vehicles,
Internet data centers, alternative energy applications including
solar, wind, and grid scale storage. Aqua Metals is based in
McCarran, NV, and has built its first recycling facility in
Nevada’s Tahoe Reno Industrial Complex. To learn more, please visit
www.aquametals.com.
Safe Harbor
This press release contains forward-looking
statements concerning Aqua Metals, Inc. Forward-looking statements
include, but are not limited to our plans, objectives, expectations
and intentions and other statements that contain words such as
“expects,” “contemplates,” “anticipates,” “plans,” “intends,”
“believes” and variations of such words or similar expressions that
predict or indicate future events or trends, or that do not relate
to historical matters. The forward-looking statements in this
release include expectations for the Company’s ability to regain
compliance with Nasdaq’s minimum bid price requirement and
provision of further updates. Those forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially. Among those
factors are: (1) our ability to regain compliance with Nasdaq’s
minimum bid price requirement during the compliance period by
having the bid price of our common shares close at or above $1.00
per share for a minimum of 10 consecutive business days, (2) our
ability to provide further updates is dependent in large part on
the completion of the fire investigation and our discussions with
our insurers, (2) the risk that the damages and costs relating to
the fire at TRIC are substantially greater than estimated as of the
date of this release, (3) the risk that the Company’s insurance
policies may not cover all or a significant amount of the cost of
restoring TRIC to its pre-fire state and resuming operations, (4)
the risk that the Company may not otherwise be able to fund the
restoration of TRIC to its pre-fire state and resume operations in
the event that insurance proceeds are unavailable or and (5) those
other risks disclosed in the section “Risk Factors” included in the
Company’s Quarterly Report on Form 10-Q filed on November 12, 2019
and subsequent SEC filings. Aqua Metals cautions readers not to
place undue reliance on any forward-looking statements. The Company
does not undertake, and specifically disclaims any obligation, to
update or revise such statements to reflect new circumstances or
unanticipated events as they occur, except as required by law.
Contact: Glen Akselrod, Bristol Capital(905)
326-1888, Ext. 1glen@bristolir.com
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