Fuel Tech Announces Listing Transfer to NASDAQ Capital Market® & 180 Day Extension to Regain Compliance With Minimum Bid Req...
September 22 2020 - 4:05PM
Business Wire
Fuel Tech, Inc. (NASDAQ: FTEK), a technology company
providing advanced engineering solutions for the optimization of
combustion systems, emissions control and water treatment in
utility and industrial applications, today announced that on
September 22, 2020, the NASDAQ Stock Market (“NASDAQ”) approved the
Company’s application to transfer its listing from NASDAQ’s Global
Select tier to the Capital Market tier. In connection with the
transfer to the Capital Market tier, NASDAQ also granted the
Company an additional 180 calendar day grace period to regain
compliance with the minimum bid requirement of NASDAQ Marketplace
Rule 5450(a)(1) (the “Rule”) for continued listing.
The NASDAQ Capital Market® is one of the three markets for
NASDAQ-listed stocks and operates in the same manner as the NASDAQ
Global Select Market®. Companies listed on the NASDAQ Capital
Market must meet certain financial requirements and adhere to
NASDAQ's corporate governance standards. The transfer is expected
to be effective at the opening of business on Wednesday, September
23, 2020.
As previously reported, the Company was notified by NASDAQ on
January 7, 2020 that the bid price for its Common Stock was not in
compliance with the Rule. At that time, NASDAQ gave the Company 180
calendar days to regain compliance; this was subsequently extended
to September 18, 2020. The Company has until March 17, 2021, to
demonstrate compliance with the minimum bid price requirement for
continued listing. The Company will regain compliance with the Rule
if at any time before March 17, 2021, the bid price for the
Company’s Common Stock closes at or above $1.00 per share for a
minimum of 10 consecutive business days.
The Company intends to monitor the closing bid price of its
Common Stock and has given written assurance to NASDAQ that it
will, if necessary, implement available options to regain
compliance with the minimum bid price requirement under the Rule,
including a reverse stock split within the range previously
approved by stockholders.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art
proprietary technologies for air pollution control, process
optimization, water treatment, and advanced engineering services.
These technologies enable customers to operate in a cost-effective
and environmentally sustainable manner. Fuel Tech is a leader in
nitrogen oxide (NOx) reduction and particulate control technologies
and its solutions have been in installed on over 1,200 utility,
industrial and municipal units worldwide. The Company’s FUEL CHEM®
technology improves the efficiency, reliability, fuel flexibility,
boiler heat rate, and environmental status of combustion units by
controlling slagging, fouling, corrosion, and opacity. Water
treatment technologies include DGI™ Dissolved Gas Infusion Systems
which utilize a patented nozzle to deliver supersaturated oxygen
solutions and other gas-water combinations to target process
applications or environmental issues. This infusion process has a
variety of applications in the water and wastewater industries,
including remediation, aeration, biological treatment, and
wastewater odor management. Many of Fuel Tech’s products and
services rely heavily on the Company’s exceptional Computational
Fluid Dynamics modeling capabilities, which are enhanced by
internally developed, high-end visualization software. For more
information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as
defined in Section 21E of the Securities Exchange Act of 1934, as
amended, which are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and reflect
Fuel Tech’s current expectations regarding future growth, results
of operations, cash flows, performance and business prospects, and
opportunities, as well as assumptions made by, and information
currently available to, our management. Fuel Tech has tried to
identify forward-looking statements by using words such as
“anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,”
“will,” and similar expressions, but these words are not the
exclusive means of identifying forward-looking statements. These
statements are based on information currently available to Fuel
Tech and are subject to various risks, uncertainties, and other
factors, including, but not limited to, those discussed in Fuel
Tech’s Annual Report on Form 10-K in Item 1A under the caption
“Risk Factors,” and subsequent filings under the Securities
Exchange Act of 1934, as amended, which could cause Fuel Tech’s
actual growth, results of operations, financial condition, cash
flows, performance and business prospects and opportunities to
differ materially from those expressed in, or implied by, these
statements. Fuel Tech undertakes no obligation to update such
factors or to publicly announce the results of any of the
forward-looking statements contained herein to reflect future
events, developments, or changed circumstances or for any other
reason. Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including those detailed in Fuel
Tech’s filings with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200922005976/en/
Vince Arnone President and Chief Executive Officer (630)
845-4500
Devin Sullivan Senior Vice President The Equity Group Inc. (212)
836-9608 dsullivan@equityny.com
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