AstroPower Penalized by Nasdaq

Solar module manufacturer AstroPower, Inc. announced Monday 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 for the year ended December 31, 2002 with the Securities and Exchange Commission.

Newark, Delaware, April 22, 2003 [] Accordingly, shares of AstroPower’s common stock are subject to de-listing from the Nasdaq National Market. As a result, the trading symbol for AstroPower common stock will be changed from APWR to APWRE at the opening of business today. As permitted by Nasdaq rules, AstroPower has the right to stay the de-listing 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 p.m. 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 de-listing 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 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 de-listing of its Common Stock. AstroPower’s stock closed at US$2.80 Monday.


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