Raser Technologies, Inc., (NYSE: RZ) has been unable to lift its share price out of the penny-stocks range over the last six months. As a result, the company will be forced to move from the New York Stock Exchage to the Over The Counter Bulletin Board (OTCBB) starting November 3, 2010.
Raser is focused on two areas in the cleantech sector: geothermal power development and electric drives for trucks.
In April 2010, Raser fell below the continued listing standards for the NYSE and was unable to cure the non-compliance within the required timeframe.
Raser submitted a business plan to the NYSE requesting additional time to return to compliance. However, after reviewing these materials, the NYSE decided to proceed with suspension of trading, and the NYSE notified Raser of its intent to suspend trading of Raser’s common stock prior to the market opening on November 3, 2010.
Raser will continue to trade on the NYSE through November 2, 2010. It is anticipated Raser will commence trading on the OTCBB on November 3, 2010.
Raser will be assigned a new ticker symbol the day before it begins trading on the OTCBB.
In December 2007, the company’s shares were trading at more than $17 each, but from there they began a slow steady decline, even as the company opened its first geothermal power plant and secured a high-profile development deal with Hyundai Heavy Industries earlier this year.
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