(Reuters) - Lithium-ion battery maker A123 Systems Inc AONE.O said it received a delisting notice from the Nasdaq on Tuesday to get its stock price above $1 in the next 6 months.
A123’s shares, which have dropped more than 90 percent since touching a year-high in September last year, closed at a lifetime-low of 37 cents on the Nasdaq on Wednesday.
Weak demand for electric cars in the United States have hit the advanced car battery industry in recent times.
A123, which makes batteries for BMW’s (BMWG.DE) hybrid cars, General Motors Corp’s (GM.N) all-electric Chevy Spark due in 2013, and the Fisker Karma, said in May there was “substantial doubt” about its viability as it expects steep losses over the next several quarters.
Shares of the company, which last month said it was left with only five months of cash, have been trading below the Nasdaq’s minimum requirement of $1 for the last 30 business days.
Reporting by Mridhula Raghavan in Bangalore; Editing by Supriya Kurane