WILMINGTON, Del., July 21, 2015 /PRNewswire/ -- Acorn Energy,
Inc. (NASDAQ: ACFN), an energy technology holding company, today
announced that it expects its common stock will begin trading on
the OTCQB trading platform operated by OTC Markets Group, effective
July 24, 2015.
On July 15, 2015, the Company
received a Staff Determination Letter from the Nasdaq Listing
Qualifications Department stating that the Company had not regained
compliance with the minimum bid price requirement under Listing
Rule 5550(a)(2) by July 13,
2015. As a result, the Company's common stock is scheduled
for delisting from The Nasdaq Capital Market beginning with the
start of trading on Friday, July 24,
2015.
The Company's ticker symbol will remain "ACFN" and the Company
will continue to make quarterly and other regulatory filings with
the U.S. Securities and Exchange Commission. While the
Company expects the trading of its common stock on the OTCQB to
commence immediately on July 24,
2015, the stock may temporarily trade on OTC Pink for one or
more trading sessions until the transfer to OTCQB is finalized.
John A. Moore, President and CEO
of Acorn Energy, stated, "We had until July
13, 2015 to meet Nasdaq's $1
minimum bid price requirement. At this time, our only
recourse to regain compliance with the requirement and maintain our
Nasdaq listing would have been be to appeal the delisting to a
Nasdaq Hearings Panel and submit a plan for regaining compliance
which would need to include a commitment to implement a significant
reverse stock split. We believe a reverse split of the
magnitude that would be required to regain compliance would be
detrimental to the interests of our stockholders. We have
therefore decided not to pursue a reverse stock split and
instead move the trading on our stock to the OTCQB, a
quality-controlled segment of the OTC market open only to companies
that are registered with the SEC or bank regulators and who are
current in their regulatory filings or to foreign companies listed
on foreign stock exchanges. We believe this change to have a
minimal impact on the ability of investors to hold and trade our
stock. We believe after extensive review and discussion that
this is the best course to preserve shareholder value. Management
and our Board's top priorities are to ensure liquidity, grow
revenue and attain profitability at our operating businesses so we
can restore shareholder value."
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose three portfolio
companies help their customers achieve greater productivity,
reliability, security, and efficiency—factors which can lead to
greater profitability. DSIT provides security solutions from
underwater threats to naval and marine based energy assets.
GridSense® provides monitoring for all critical points along
the electricity delivery system. OmniMetrix™ remotely
monitors emergency back-up power generation systems to increase
their reliability and corrosion protection systems for gas
pipelines. For more information visit:
http://www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which
are subject to risks and uncertainties. A complete discussion
of the risks and uncertainties which may affect Acorn Energy's
business generally and the businesses of its subsidiaries is
included in "Risk Factors" in Acorn's Form 10-K filed with the
Securities and Exchange Commission.
Investor & Press Contact:
Paul G. Henning
Cameron Associates
(212) 554-5462
Paul@cameronassoc.com
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SOURCE Acorn Energy, Inc.