NEW CASTLE, Pa., Jan. 29, 2016 /PRNewswire/ -- Axion Power
International, Inc. (Nasdaq: AXPW), or "The Company," announced
that it plans to voluntarily delist from Nasdaq on the earliest
date in compliance with the 10-day notice period to Nasdaq, and
filing of its Form 25 with the SEC.
The Company is seeking delisting due to the costs and
compliance requirements of a Nasdaq listing, such as meeting
listing requirements and certain additional
approval requirements for issuance of additional
securities. Furthermore, the Company has become aware
that it is not in compliance with the continued listing requirement
set forth in Rule 5550(a)(2) as the bid price for the
Company's common stock has closed below $1.00 for the past consecutive 30
days. The Company has no plans to seek shareholder
approval for a further reverse split of its Common Stock, thus
it could not assure ability to achieve compliance within
the time periods proscribed.
About Axion Power International, Inc.
Axion Power is a
technology leader in lead-carbon energy storage. Its PbC
battery technology utilizing proprietary activated carbon
electrodes is the only advanced battery that can be assembled on
existing lead-acid production lines throughout the world. Axion
Power's primary goal is to become the leading supplier of carbon
electrode assemblies for lead-acid battery companies around the
world.
For more information, visit www.axionpower.com
Forward-looking Statements
Certain statements in
this Press Release are "forward-looking statements" within the
meaning of the Private Securities Litigation Act of 1995. These
forward-looking statements are based on our current expectations
and beliefs and are subject to a number of risk factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Such risks
and uncertainties include the risk for the Company to complete its
development work, as well as the risks inherent in commercializing
a new product (including technology risks, market risks, financial
risks and implementation risks, and other risks and uncertainties
affecting the Company), as well as other risks that have been
included in filings with the Securities and Exchange Commission,
all of which are available at www.sec.gov. We disclaim any
intention or obligation to revise any forward-looking statements,
including, without limitation, financial estimates, whether as a
result of new information, future events, or otherwise.
Contacts
DresnerAllenCaron
Rudy
Barrio (Investors)
rbarrio@dresnerallencaron.com
(212) 691-8087
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SOURCE Axion Power International, Inc.