American Superconductor Gets Nasdaq Warning
American Superconductor has been warned by the Nasdaq Stock Exchange that it is not in compliance with listing requirements because of the company's failure to file its annual report.
The company said the warning from Nasdaq has no immediate impact on the company's stock listing, but that it has until Aug. 16 to file its annual report or submit a plan of how it will regain compliance. At that time, Nasdaq can extend the company's filing date for its annual report by up to 180 days, which would give the company a deadline of Dec. 14 to file its annual report.
In April, the company announced that some of its customers in China had refused to accept products that had been ordered, which it said would have an impact on the company's earnings. Then, in May, the company's founder and CEO, Greg Yurek, announced he would be stepping down from his executive position, but would remain on as chairman of the company.
The company also announced in June that it had cut about 10 percent of its staff since March 31 and said it has extended its negotiations to purchase Finnish company The Switch Engineering Oy for $273 million.
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