Capstone Green Energy transitions to OTC expert market following Nasdaq delisting.
Capstone Green Energy Corporation (OTC: CGRNQ) (the Company or Capstone) received FINRA’s Notification of the Assignment of an Over-the-Counter Quoting and Trading Symbol CGRNQ for the Common Stock of Capstone Green Energy Corp. Following this development, the Company has transitioned to trading on the OTC Expert Market, where it can be found under the ticker symbol CGRNQ.
Nasdaq delisted Capstone (CGRN), and trading in the Company’s common stock on the Nasdaq was suspended, effective on October 5, 2023.
The delisting was driven by several contributing factors, including the Company’s market capitalization remaining below $30 million for 30 consecutive business days, continuous trading below $1 per share for 30 consecutive business days, and failure to file the FY23 10-K and Q1 FY24 10-Q. The Company determined not to appeal Nasdaq’s delisting determination as the previously announced bankruptcy filing will result in a delisting.
Capstone will continue to trade on an over-the-counter (OTC) market, specifically OTC Markets’ “Expert Market” tier. The Expert Market only provides for unsolicited customer orders, and quotations in Expert Market securities are restricted from public viewing and are only available to certain eligible investors. The Company’s OTC Markets profile can be found at www.otcmarkets.com.
Robert Flexon, Executive Chairman and Interim President and CEO said:
During this interim period prior to plan confirmation, emergence, and the completion of our delayed public filings, there is a reduction in the visibility of and accessibility to quotations of our common stock.
“Once we complete the restructuring and become current in our SEC filings, we expect that our stockholders will have the visibility and access to the public markets you would expect for common stock trading over-the-counter.”
Mr. Flexon continued, “Capstone remains committed to its mission of providing innovative, sustainable energy solutions to its customers, and this restructuring is a strategic move to ensure the Company’s long-term viability.”
Capstone is continuing to work to complete work on its previously announced restatement of previously issued financial statements and to file its currently delinquent FY23 10-K and Q1 FY24 10-Q.
Capstone expects that once it has become current on its SEC filings, that its common stock (or the common stock of the company whose stock will be issued to stockholders of Capstone following the reorganization) will become eligible for quotation on a higher tier of the OTC, and detailed information, including public quotes, will become available on the OTC Markets website.
Additional Information
Capstone initiated on September 28, 2023, a prepackaged Chapter 11 bankruptcy filing, marking a significant step forward in the Company’s ongoing financial restructuring efforts. This decision was made to address financial challenges and position the Company for a more sustainable future.
The restructuring process involved a thorough evaluation of the Company’s debts, assets, and operations with the goal of achieving long-term financial stability.
More information on the Bankruptcy Court filings and information about the Chapter 11 cases can be found at a website maintained by the Debtors’ noticing and claims agent, Kroll Restructuring Administration LLC (“Kroll”), at https://cases.ra.kroll.com/capstone or by contacting Kroll at 1-844-642-1256 (Toll-Free), +1-646-651-1164 (International) or by e-mail at capstoneinfo@ra.kroll.com.
Additional details regarding the Chapter 11 cases are included in, and the description above is qualified in its entirety by, the Company’s Current Reports on Form 8-K filed with the SEC on September 28, 2023 and October 3, 2023.
About Capstone Green Energy
Capstone Green Energy (OTC: CGRNQ) is a leading provider of customized microgrid solutions, and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines.
Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines.
The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems, creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY23, it saved customers over $169 million in annual energy costs and approximately 362,000 tons of carbon. Total savings over the last five years are estimated to be approximately $1.08 billion in energy savings and approximately 1.9 million tons of carbon savings.
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Capstone Green Energy Transitions to OTC Expert Market Following Nasdaq Delisting, Loa Angeles, October 9, 2023
