Published on Wednesday, 02 November 2011 03:10
American Lithium-ion batteries maker Ener1.Inc is now officially suspended from trading on the Nasdaq, a huge blow to the battery maker after experiencing troubles with Norwegian electric car maker Think and the resignation of the company's top two executives in the last two months.
Based on documents filed with the United States Securities and Exchange Commission on October 19, the company received a notice from the Nasdaq saying it would be removed from the exchange because it failed to file its latest financials on a timely basis.
Ener1 said it "elected not to file an appeal" with the bourse's hearings panel that would decide on its compliance. The company's stocks were pulled out on October 28.
On October 25, the company's chief accounting officer Melissa Debes, who is also chief financial officer of subsidiary EnerDel, resigned. This followed an earlier departure of Ener1 chief executive Charles Gassenheimer on September 30.
New York-based Ener1's problems began in May when it grappled with impairment charges worth $59.4 million from writing down its investment in electric car maker Think, itself declaring bankruptcy last June.
It delivered a total loss of $73.3 million to the company.
As a result of its impairment charge for Think, Ener1 reported a first-quarter net loss of $84.71 million, more than the $15.46 million net loss year-over-year. Ener1 held 48 percent stake in Think. – Oliver M. Bayani