Beacon Power 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 16, 2009
BEACON POWER CORPORATION
(Exact Name of Registrant as Specified in Charter)
65 Middlesex Road
Tyngsboro, Massachusetts 01879
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 18, 2009, Beacon Power Corporation (Beacon or the Company) announced that it has received a letter from The Nasdaq Stock Market dated September 16, 2009, indicating that for the last 30 consecutive business days, the bid price of the Companys common stock has closed below the minimum $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market based on Marketplace Rule 5550(a)(2), and describing a timetable for bringing the Company into compliance with that rule.
The common stock remains listed on The Nasdaq Capital Market under the symbol BCON. The Company has been provided 180 calendar days, or until March 15, 2010, to regain compliance, in accordance with Marketplace Rule 5810(c)(3)(A). If at any time before then, the Companys common stock has a closing bid price of $1.00 or more for a minimum of 10 consecutive business days, The Nasdaq Stock Market staff will notify Beacon that it has regained compliance.
If Beacon has not met the requirements of Rule 5550(a)(2) by March 15, 2010, but meets the applicable standards for initial listing on The Nasdaq Capital Market (other than the minimum bid price requirement), then the Company will be granted a second 180 calendar day compliance period, or until September 11, 2010, within which to achieve a closing bid price of $1.00 or more for a minimum of 10 consecutive business days. The Company believes that it currently meets the applicable standards for initial listing, other than the minimum bid price requirement. The Company intends to actively monitor the bid price for its common stock between now and March 15, 2010, and will consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement.
Item 8.01 Other Events.
A copy of the Companys press release announcing the notice received from The Nasdaq Stock Market is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
99.1 Press Release of Beacon Power Corporation dated September 18, 2009 announcing receipt of the notice letter from The Nasdaq Stock Market.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.