American Superconductor Corp. (AMSC) says it has received a letter from the listing qualifications department of the NASDAQ Stock Market advising the company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) for continued listing.
AMSC was unable to file its annual report on Form 10-K for its fiscal year ended March 31, 2011, on a timely basis, resulting in NASDAQ's decision.
This notification was issued in accordance with standard NASDAQ procedures and has no immediate effect on the listing of the company's common stock, according to AMSC. The NASDAQ letter indicated that the company has until Aug. 16 to regain compliance or submit a plan explaining how it expects to regain compliance.
If NASDAQ approves AMSC's plan, it can grant the company an extension of up to 180 calendar days (until Dec. 14) from the due date of the Form 10-K to regain compliance.
As previously disclosed, AMSC has not yet completed the preparation of its financial statements for the fiscal year. Additional time is required to complete the preparation and audit of these financial statements as a result of the review of certain revenues associated with shipments to customers in China during the second, third and fourth fiscal quarters of the fiscal year.
In April, AMSC announced that Sinovel Wind Group Co. Ltd. refused to accept contracted shipments of 1.5 MW and 3 MW wind turbine core electrical components and spare parts that AMSC was prepared to deliver.