Ballard Receives NASDAQ Notice Regarding Non-Compliance With Minimum Bid Price Rule

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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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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