Story first appeared in The Detroit News on March 14th, 2012.
The stock of Energy Conversion Devices. Inc., the bankrupt
Auburn Hills-based solar panel manufacturer, was pulled from the Nasdaq Stock
Market on Feb. 24, according to a filing on Wednesday. The company primarily makes, sells and
installs thin-film flexible solar products and systems to the building and
rooftop markets. These panels are useful
in the construction of Solar Carports and solar roof structures.
Energy Conversion filed for bankruptcy protection Feb. 14, when its stock price closed at 29 cents a share from $1.46 the day before. Nasdaq told the company Feb. 15 that it no longer qualified for listing on the stock exchange, according to the company's filing with the U.S. Securities and Exchange Commission.
Energy Conversion filed for bankruptcy protection Feb. 14, when its stock price closed at 29 cents a share from $1.46 the day before. Nasdaq told the company Feb. 15 that it no longer qualified for listing on the stock exchange, according to the company's filing with the U.S. Securities and Exchange Commission.
When the company did not appeal the decision, the stock was
suspended from the exchange Feb. 24, when Energy Conversion Device's stock
closed at 16 cents a share. The delisting will become official 10 days after
the Nasdaq files the paperwork, according to another filing made Wednesday with
the SEC.
The company's stock — now traded on the over-the-counter
"Pink Sheets" under the symbol ENERQ — closed Wednesday at nine cents
a share.
The Auburn Hills-based firm said in May that it would lay
off 300 workers, including 115 in Michigan, as it restructured amid cutbacks in
government solar incentives overseas and after posting a large quarterly loss.
