Sep. 18, 2009 (PR Newswire) --
IRVINE, Calif., Sept. 18 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it received a letter from The Nasdaq Stock Market ("Nasdaq") on September 14, 2009, notifying the Company that it is currently not in compliance with the Nasdaq Marketplace Rule 5250(c)(1) because it has not filed its Form 10-Q for the period ended July 31, 2009 in a timely manner. Under Nasdaq rules, the Company has 60 calendar days, or until November 13, 2009, to submit a plan to regain compliance. As previously reported, the Company is also delinquent in filing its 10-K for the fiscal year ended April 30, 2009 that was due on July 29, 2009 (the "Initial Delinquent Filing"). Therefore, any Nasdaq exception to allow the Company to regain compliance, if granted, will be limited to 180 calendar days from the due date of the Initial Delinquent Filing, or January 25, 2010. The Company anticipates that it will file its plan to regain compliance within the 60 calendar day period.
Quantum also announced today that it received a separate letter from Nasdaq on September 15, 2009, notifying the Company that, based upon its closing bid price for the last 30 consecutive business days, it no longer meets the minimum bid price of $1.00 per share required under Nasdaq Marketplace Rule 5450(a)(1). In accordance with Marketplace Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until March 15, 2010, in which to regain compliance. The Company can regain compliance if at any time prior to March 15, 2010, the bid price of the Company's common stock closes at $1.00 or higher for a minimum of 10 consecutive business days. In the event the Company does not regain compliance with the minimum bid price requirement prior to March 15, 2010, it will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a Hearing Panel. Alternatively, the Company may apply to transfer its securities to the Nasdaq Capital Market if it satisfies the requirements for initial inclusion, with the exception of the bid price. In the event of such a transfer, the Company will be afforded an additional grace period to comply with the minimum bid price requirement while listed on the Nasdaq Capital Market. In response to this notice, the Company intends to monitor the closing bid price of its common stock between now and March 15, 2010. The Company will consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with the minimum closing bid price requirement.
