Millennium Cell Inc. (NASDAQ:MCEL), a developer of hydrogen battery technology, has received formal approval from Nasdaq of its compliance plan which addresses comments received from Nasdaq concerning certain terms of the Company’s preferred stock.
The Company received written notice from the holders of the Series A and C shares confirming that they intend to exchange their shares as part of the compliance plan. As a result, Millennium Cell expects no change to its listing status and no interruption in the trading of its stock on the SmallCap Market.
The comments from Nasdaq related to certain voting rights and shareholder approval terms of the Company’s recently established Series A, B and C Convertible Preferred Stock. The Company’s compliance plan involves the amendment of the terms of the Series B Preferred and the non-dilutive exchange of the Series A and Series C shares for newly established Series A2 and C2 shares. On May 17, 2005, the Company filed a Form 8-K with the U.S. Securities and Exchange Commission detailing Nasdaq’s comments and the Company’s proposed compliance plan.
Loading...