Posted on 11/02/2011 10:52:47 PM PDT by Lmo56
The woes of battery maker Ener1 keep piling on. Following on the heels of its loss on electric car maker Think, the company’s CEO stepping down, and its planned restatement of its earnings, Ener1 has now officially been delisted from the Nasdaq. According to filings, on October 19th, Ener1 received notice from the Nasdaq saying it would be deslisted because Ener1 failed to file its latest financials on a timely basis, and Ener1 “elected not to file an appeal.”
The Chief Accounting Officer of Ener1, who is also the Chief Financial Officer of subsidiary EnerDel, Melissa Debes, also resigned on October 25, 2011. Departure of the CFO, follows the departure of Ener1′s longtime CEO and director of the Board of Directors, Charles Gassenheimer, who resigned on September 30, 2011.
(Excerpt) Read more at gigaom.com ...
BTW: ENER1 LOST $84M in the first quarter this year ...
Wow. President and Chairman resign, and then the CFO and Chief Accounting Officer resign a month later. I’d say those were red flags all right.
In case anyone forgot: ( http://www.nawindpower.com/naw/e107_plugins/content/content.php?content.8843 )
In August 2009, the U.S. Department of Energy (DOE) announced that EnerDel, a subsidiary of Ener1, was one of several companies to receive stimulus funding to accelerate the manufacturing and deployment of electric vehicles, batteries and components in the U.S.
The latest announcement comes two days after Beacon Power Corp., a Tyngsboro, Mass.-based energy-storage firm, filed for bankruptcy and about a month after solar company Solyndra Inc. shut down. Both companies received loan guarantees from the DOE.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.