26 March 2012

Michigan-Based Solar Panel Manufacturer Pulled from Stock Market

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.

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.

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