Saturday, October 01, 2011

Auburn Hills Solar Energy Firm May Be Dropped From NASDAQ

Saturday, October 01, 2011
AppId is over the quota AppId is over the quota Last Updated: September 16. 2011 6:02PM

Energy Conversion Devices Inc. is in danger of having its stock dropped from trading on the NASDAQ, the Auburn Hills company said Friday.

The solar energy products manufacturer said in a filing with the U.S. Securities and Exchange Commission that it received a letter from the electronic stock exchange Thursday notifying the company that its stock has been under $1 a share for 30 days and will have until March 13, 2012 to get its stock price above that threshold for at least 10 consecutive business days to avoid being booted from the NASDAQ.

The company is eligible for an additional grace period if it does certain things, said ECD interim President Jay Knoll in the filing.

The company's stock closed Friday at 73 cents a share, up 6 cents or nearly 9 percent.

Energy Conversion Devices has lost money for two consecutive years. In May, it said it would lay off 300 workers, including 115 in Michigan, because of its financial woes. It also is trying to sell its profitable battery subsidiary.

The market is tough for domestic alternative energy companies. Solar-cell manufacturer SpectraWatt Inc. in New York and Marlboro, Mass.-based Evergreen Solar Inc. filed for bankruptcy in August after struggling against lower-cost competitors.

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