Danbury-based Electro Energy Inc. may undertake a one-for-five reverse stock split in order to remain listed on the Nasdaq exchange.
The company, a provider of advanced battery technologies and associated systems, announced today that its board of directors has authorized management to make “all necessary and reasonable efforts” to maintain its listing. The board then unanimously voted to authorize a one-for-five reverse stock split if that becomes necessary. The reverse stock split was presented to a Nasdaq panel on Thursday and the company is awaiting a decision.
The stock traded at 62 cents this morning and it has not been more than $1.00 since July.
