Plug Power regains compliance with Nasdaq > Fuel Cell Dispatch

Plug Power regains compliance with Nasdaq

Plug Power Inc., a developer of fuel-cell systems, said it has been notified by Nasdaq that it has regained compliance with the exchange's minimum bid listing requirement.

Plug (Nasdaq: PLUGD), based in Latham, New York, received approval from shareholders last month to a reverse split of the company's stock. The exchange ratio the company decided on was 1-for-10.

The main goal was to keep the stock listed on Nasdaq. When the company first sought approval for the reverse split in April, its stock was selling at 62 cents a share, below Nasdaq’s $1 minimum. The company was given until June 6 to correct the problem.

Its stock was trading at around $2.30 a share today.

Plug Power said a higher stock price could lead to greater levels of institutional ownership. Some institutional investors have policies that bar them from purchasing lower-priced stocks.

Source: The Business Review