Enova Systems Receives NYSE MKT Exchange Notice of De-Listing
July 06 2012 - 4:15PM
Business Wire
Enova Systems Inc. (NYSE MKT: ENA) (AIM: ENV) (AIM: ENVS), (the
“Company”) announced that on July 5, 2012, it received notice (the
“July Notice”) from the NYSE MKT (the “Exchange”) indicating that
the Company no longer complies with the Exchange’s continued
listing standards as set forth in Section 1003 of the NYSE MKT
Company Guide (the “Company Guide”), and that its securities are,
therefore, subject to being delisted from the Exchange.
By a series of letters, the Exchange previously notified the
Company that it was not in compliance with the following sections
of the Company Guide: (a) Section 1003(a)(iii) insofar as the
Company reported stockholders’ equity of less than $6,000,000 and
has incurred losses from continuing operations and/or net losses in
five consecutive fiscal years; (b) Section 1003(a)(ii) insofar as
the Company reported stockholders’ equity of less than $4,000,000
and has incurred losses from continuing operations and/or net
losses in three out of its four most recent fiscal years; and (c)
Section 1003(f)(v) insofar as its Common Stock has been trading at
a low price per share for a significant period of time.
On May 17, 2012, pursuant to Section 1009 of the Company Guide,
the Company submitted a plan of compliance (the “Plan”) advising
the Exchange of actions the Company would take to regain compliance
with Section 1003(a)(iii) and 1003(a)(ii) of the Company Guide by
October 15, 2013. The July Notice stated that the financial
projections provided in connection with the Plan did not
demonstrate an ability to regain compliance with the minimum
requirements by October 15, 2013. The July Notice further stated
that, on June 25, 2012, the Company notified the Exchange that the
financial projections provided with the Plan were no longer
accurate and did not provide the staff of the Exchange (the
“Staff”) with updated projections.
On June 25, 2012, the Company filed a Form 8-K disclosing the
resignation of Chief Executive Officer and Director Michael Staran,
Chief Operating Officer John Mullins and Director Rich Davies,
reinforcing the Staff’s conclusion that the Company will be unable
to regain compliance by October 15, 2013.
Following a review of the above-described facts, the Staff
advised the Company that the Exchange did not accept the proposed
Plan and that the Company is therefore subject to delisting
pursuant to Section 1009 of the Company Guide.
In accordance with Sections 1203 and 1009(d) of the Company
Guide, the Company has a limited right to appeal the determination
of the Staff by requesting, on or before July 12, 2012, a hearing
with the Listing Qualifications Panel. The Company intends to
exercise its right of appeal. There can be no assurance that the
Company’s request for continued listing will be granted.
About Enova:
Enova Systems (http://www.enovasystems.com) is a leading
supplier of efficient, environmentally friendly digital power
components and systems products. The Company’s core competencies
are focused on the development and commercialization of power
management and conversion systems for mobile applications. Enova
applies unique ‘enabling technologies’ in the areas of alternative
energy propulsion systems for light and heavy-duty vehicles as well
as power conditioning and management systems for distributed
generation systems. The Company develops, designs and produces
non-invasive drive systems and related components for electric,
hybrid-electric, and fuel cell powered vehicles in both the “new”
and “retrofit” vehicle sales market. For further information,
contact Enova Systems directly, or visit its Web site at
http://www.enovasystems.com.
Additional Information:
This news release contains forward-looking statements relating
to Enova Systems and its products that are intended to be covered
by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,”
“could,” “project,” “plan,” “seek,” “intend,” or “anticipate” or
the negative thereof or comparable terminology and statements about
industry trends and Enova’s future performance, operations and
products. These forward-looking statements are subject to and
qualified by certain risks and uncertainties. These and other risks
and uncertainties are detailed from time to time in Enova Systems’
periodic filings with the Securities and Exchange Commission,
including but not limited to Enova’s annual report on Form 10-K for
the year ended December 31, 2011 and Form 10-Q for the quarterly
period ended March 31, 2012.
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