Enova publicity still

Enova Systems delisted from NYSE

Enova Systems, Inc., the electric drive systems company focusing on medium- and heavy-duty vehicles, has announced that they will not contest their removal from the New York Stock Exchange this week.

Enova was informed in July that it faced de-listing from the New York Stock Exchange (NYSE) for non-compliance with the Exchange's requirements for listing.

NYSE officials issued further notice on October 24 that the company would be removed from the Exchange at the end of this month. They have filed with the Securities and Exchange Commission (SEC) for the removal of Enova from the Exchange. It is expected to be granted Monday or Tuesday. Enova has already alerted the SEC in 8-K filings submitted several times this year that they are not in compliance with NYSE listing requirements.

Enova has announced that they will not contest their removal from NYSE MKT. Their common stock (ENA) will cease trading at close of day on October 30 and will trade on the OTCQB Marketplace under the same symbol. OTCQB is a market tier operated by the OTC Market Group for over-the-counter traded companies. Enova will likely remain on the London Stock Exchange's AIM market, despite the NYSE de-list.

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Companies listed on the OTCQB are still required to make SEC filings in much the same way they are with other exchanges, including NYSE.

Enova has struggled to continue its relevance and meet profitability goals. Despite innovative technological advancements and entry into an unusually ripe market for alternative power trains in commercial vehicles, acceptance and adoption of Enova tech has been sluggish. The company is based in Torrance, California.

http://www.businesswire.com/news/home/20121025006978/en/Enova-Systems-Announces-Delisting-NYSE-MKT

Comments

Maybe they should have thought harder about that "For free" thing in their logo. Darn balance sheets...