AstroPower, Inc. Announces Receipt of Noncompliance Notification from NASDAQ.Business Editors NEWARK, Del.--(BUSINESS WIRE)--April 21, 2003 AstroPower, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APWR APWR Advanced Pressurized Water Reactor APWR Americans for the Preservation of the White Race APWR Anti-Pyramid Web Ring (Bosnian bloggers) APWR Alliance to Protect Water Resources, Inc. ), announced today that it received a Nasdaq Staff Determination letter on April 17, 2003 indicating that AstroPower does not comply with the requirements for continued listing set forth in Marketplace Rule 4310 (c) (14) as a result of its failure to timely file its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002 with the Securities and Exchange Commission. Accordingly, shares of AstroPower's common stock are subject to delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. from the Nasdaq National Market. As a result, the trading symbol Trading symbol See: Ticker symbol for AstroPower common stock will be changed from APWR to APWRE at the opening of business on April 22, 2003. As permitted by Nasdaq rules, AstroPower has the right to stay the delisting process, presently scheduled for the opening of business on April 28, 2003, by requesting a hearing before a Nasdaq Listing Qualification Panel not later than 4:00 PM Eastern time on April 24, 2003. AstroPower will make a timely request for a hearing before the Panel to review the staff determination and will make every effort to comply with Rule 4310 (c) (14) by filing its Annual Report on Form 10-K prior to such time as Nasdaq would effect the delisting of its common stock. As previously announced, the delay in AstroPower's filing of its Form 10-K is attributed to the additional time required to gather and evaluate data relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 2002 revenue recognition matters. Upon completion of this review, it is likely that a restatement of certain 2002 quarters will be necessary. The Company is not, as yet, able to estimate the amount or periods of such restatement. Certain revenue recognition matters may also impact 2001, however, the Company is not, as yet, able to estimate the impact, if any. There can be no assurance the Panel will grant AstroPower's request for continued listing or that AstroPower will be able to file its Form 10-K prior to the time Nasdaq effects the delisting of its Common Stock. About AstroPower Headquartered in Newark, Delaware Newark is a city in New Castle County, Delaware, 12 miles (19 km) west-southwest of Wilmington. According to 2006 Census Bureau estimates, the population of the city is 30,060.[1] Newark is the home of the University of Delaware. , AstroPower manufactures solar electric power products, and is a leading provider of solar electric power systems for the mainstream residential market. AstroPower develops, manufactures, markets and sells a range of solar electric power generation products, including solar cells, modules and panels, as well as its SunChoice(TM) pre-packaged systems for the global marketplace. Solar electric power systems provide a clean, renewable source of electricity in both off-grid and on-grid applications. For more information, please visit www.astropower.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve risks and uncertainties, as described in the Company's registration statements and periodic reports filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different from those projected. The projections contained herein speak only of the Company's expectations as of the date of this press release. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based. |
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