This is an excerpt from EERE Network News, a weekly electronic newsletter.
AstroPower Accounting Crisis Leads to Delisting from NASDAQ
AstroPower, Inc.-a U.S. solar electric manufacturer and a leading provider of solar electric systems for residences-was removed from the NASDAQ market listings on July 25th after the company failed to meet an extended deadline to file its annual report for 2002 and its first-quarter report for 2003. In an announcement, the company cited its "ongoing review of revenue recognition matters" and noted that the delisting meant that the stock can no longer be traded on the OTC Bulletin Board, a quotation service for over-the-counter securities. The company intends to file its reports as soon as possible, but notes that "there can be no assurance that the filing of those reports will result in the relisting of the common stock on the NASDAQ National Market or the common stock to becoming eligible to trade on the OTC Bulletin Board." The company notes that the delisting may have an adverse effect on AstroPower's business and operations as well as the company's stock price. See the AstroPower announcement.
AstroPower has been facing a management crisis since late May, when both the president and chief executive officer and the chief financial officer resigned their posts, and the vice-president of sales and marketing left the company. On July 25th, the company engaged Bridge Associates LLC, a nationally known restructuring and turnaround management firm, to take charge of the day-to-day operations of AstroPower and its subsidiaries and to stabilize the company's financial position. See the AstroPower press releases from May 27th and July 25th.