Ballard Power Systems (BLD.TO) announced that it received a
notice on October 5, 2012, from the NASDAQ Stock Market LLC stating
that the company was not in compliance with NASDAQ Marketplace
Rules because the bid price of the company's common stock closed
below the required minimum $1.00 per share for the previous 30
consecutive business days. The NASDAQ notice has no immediate
effect on the listing of the company's common stock.
In accordance with NASDAQ rules, Ballard has a period of 180
calendar days, until April 3, 2013, to regain compliance with the
minimum bid price rule. If at any time before April 3, 2013, the
bid price of the company's common stock closes at $1.00 per share
or more for a minimum of 10 consecutive business days, NASDAQ will
notify the company that it has regained compliance with the minimum
bid price rule. The company is currently reviewing options with
respect to regaining such compliance.
If Ballard cannot demonstrate compliance with Rule 5450(a)(1) by
April 3, 2013, NASDAQ will provide notice to Ballard that its
securities may be delisted. At that time, Ballard may appeal
NASDAQ's decision to a Listing Qualifications Panel. Alternatively,
Ballard may submit an application to transfer its securities to The
NASDAQ Capital Market. Following submission of the application,
Ballard may be eligible for an additional 180-day period to regain
compliance with the minimum bid price requirement if it meets the
continued listing requirement for market value of publicly held
shares and all other initial listing standards, with the exception
of the bid price requirement, for The NASDAQ Capital Market.
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