AstroPower Delisted, Stock Plummets

In an unfortunate new chapter of AstroPower’s tumultuous story, the solar module manufacturer announced that it has received notice from a Nasdaq Listing Qualifications Panel indicating that the company’s common stock will be delisted from the Nasdaq National Market effective with the open of business on Friday, July 25, 2003.

Newark, Delaware – July 24, 2003 [] As of 10:30 a.m., July 24, 2003, the company’s stock dropped over 40 percent on more than twice the average daily trading volume recorded within the first hour and a half of trading. For up to date information on the company’s downward stock spiral see the NASDAQ link below the story. This decision arises as a result of AstroPower’s previously announced failure to timely file its Annual Report on Form 10-K for the December 31, 2002 fiscal year and its Quarterly Report on Form 10-Q for the first quarter of 2003 because of its ongoing review of revenue recognition matters. The Listing Qualifications Panel denied AstroPower any further extension of time to make these filings. AstroPower intends to appeal the Panel’s decision to the Nasdaq Listing and Hearing Review Council, but this appeal will not stay the delisting and AstroPower cannot predict whether or not the Listing Council will modify or reverse the Panel’s decision. Following delisting, AstroPower’s common stock will not be eligible to trade on the OTC Bulletin Board until the company becomes current in all of its periodic reporting requirements under the Exchange Act of 1934, and a market maker thereafter makes an application to register in and quote the company’s common stock in accordance with applicable SEC requirements. AstroPower said it continues to make every effort to file its reports on Form 10-K and Form 10-Q as soon as possible, but 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 delisting of AstroPower’s common stock may have a material adverse effect on its business and operations, and is expected to have a material adverse effect on the company’s stock price and trading volume.
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