Hydrogenics Receives Letter From Nasdaq Regarding Noncompliance With The Marketplace Rules For Continued Listing On The Nasdaq Global Market
MISSISSAUGA, Ontario, Sept. 21, 2012 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and power systems, today announced that it received a notice on September 18, 2012 from The Nasdaq Stock Market indicating that Hydrogenics no longer complies with the requirements of the Nasdaq Global Market for continued listing under Nasdaq Listing Rule 5450(b)(2)(A) because, for the previous 30 consecutive business days, the Market Value of Listed Securities was below the minimum $50.0 million required under such rule (the "MVLS Standard"), in addition to the fact that Hydrogenics did not meet the minimum $50.0 million total assets and total revenues standard under Nasdaq Listing Rule 5450(b)(3)(A) (the "Total Assets and Revenues Standard"). As disclosed in the Form 6-K filed by Hydrogenics on August 1, 2012, for the period ended June 30, 2012, Hydrogenics' stockholders' equity was $9.4 million, below the $10.0 million stockholders' equity standard under Nasdaq Listing Rule 5450(b)(1)(A) (the "Stockholders' Equity Standard"). A company must satisfy one of the three standards mentioned above (i.e., the MVLS Standard, the Total Assets and Revenues Standard or the Stockholders' Equity Standard) for continued listing under the Nasdaq Global Market.
Hydrogenics has until March 18, 2013 (180 calendar days from September 18, 2012) to regain compliance with the requirements for continued listing on the Nasdaq Global Market. Hydrogenics can regain compliance by satisfaction of the MVLS Standard (and thereby regain compliance with the Nasdaq Listing Rules) if the market value of Hydrogenics' common stock exceeds $50.0 million for a minimum of 10 consecutive business days before March 18, 2013.
Hydrogenics intends to evaluate available options to regain compliance with the Nasdaq Listing Rules for continued listing on the Nasdaq Global Market. Additionally, Hydrogenics may apply to transfer its common stock to the Nasdaq's Capital Market if Hydrogenics' common stock satisfies all criteria for continued listing on such market.
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