MTI to voluntarily delist from Nasdaq

It has been reported that Mechanical Technology Inc. (MTI) will delist itself from the Nasdaq stock market and de-register its common stock on or about April 24. The last day of trading will be on or around April 23, according to a statement issued by the Colonie, N.Y. fuel-cell developer and reported in the Business Review.

The average daily trading volume of the common stock on Nasdaq for the last 12 months from April 1, 2008 to March 31, 2009 was approximately 21,000 shares, which is less than .45 percent of the company’s outstanding shares of common stock.

MTI also announced on Monday that it received a Staff Deficiency letter from Nasdaq regarding its failure to meet the minimum stockholders’ equity requirement of $2.5 million as required under Marketplace Rule 4310(c)(3) for continuing listing on the Nasdaq Capital Market.Since the company had determined to voluntarily delist its common stock from the Nasdaq Capital Market prior to receiving the letter, it will not seek to regain compliance with the Nasdaq Marketplace Rule.

Mechanical Technology reported a net loss of $12.5 million for 2008, compared with a net loss of $9.6 million the year before. Product revenue was $6.2 million, down from $9 million in 2007.

http://www.bizjournals.com/albany/stories/2009/04/06/daily12.html

Source: Fuel Cell Today