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Technology Stocks : SatCon Technology (SATC)
SATC 1.5000.0%Nov 5 3:00 PM EDT

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To: Jim Oravetz who wrote (432)10/18/2006 12:30:52 PM
From: Jim Oravetz  Read Replies (1) of 440
 
SatCon Tech Files To Shift Stk Listing To Nasdaq Cap Mkt
DOW JONES NEWSWIRES
October 18, 2006 10:52 a.m.


WASHINGTON (Dow Jones)--SatCon Technology Corp. (SATC) has applied to transfer the listing of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market, according to a Securities and Exchange Commission filing Wednesday.

As reported, the company requested a hearing before a Nasdaq listing-qualification panel to review a recent finding by the stock exchange's staff that the company wasn't in compliance with the Global Market rules and was therefore subject to delisting.

SatCon said, however, that because there was no assurance the panel would allow the company to continue to list its stock on the Nasdaq Global Market, it decided to forgo the hearing and apply to transfer its securities to the Capital Market. If the application is approved, the hearing will be canceled.

Boston-based SatCon, which makes electronics and motors for various energy applications, said it expects to receive Nasdaq's approval of the transfer within two weeks and to maintain its current Global Market status pending that approval.

On Sept. 1, SatCon disclosed that it had received a letter from Nasdaq stating that the company had failed to comply with the exchange's market-value rule and had 30 days to regain compliance, which it didn't do.
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