Shares of Ener1 Inc., a clean tech company engaged in the design, development and manufacturing of rechargeable lithium-ion batteries and battery systems for energy storage, have been delisted from the NASDAQ and are now trading on the OTC market under the ticker HEVV.
Earlier this week, Ener1 was notified by the NASDAQ Stock Market LLC that it has not complied with the exchange’s filing requirement for continued inclusion in Listing Rules 5250(c)(1). The rule requires the timely filing of period financial reports with the SEC. The company failed to file its form 10-Q for the three-month period ended June 30, 2011, on a timely basis, violating the rules set by NASDAQ.
On the OTC market, Ener1 shares are up sharply in today’s trading. At last check, the penny stock was trading 21.67% higher at $0.1095, with volume at approximately 6 million.
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