Shares of Quantum Fuel Systems Technologies Worldwide Inc. (NASDAQ: QTWW) were down more than 10 percent in early trading today reflecting the company’s announcement yesterday that it was implementing a 1-for-20 share consolidation to take effect Wednesday.
The company closed at $0.43 Monday with a market capitalization of $81.57 million. Beginning Wednesday, Quantum shares will trade under the symbol QTWWD for 20 days and then revert back to QTWW.
Quantum disclosed in its Fiscal 2010 Q2 10Q filing December 10, 2010 that its shareholders approved the share consolidation at the annual meeting October 11, 2010 to comply with the Nasdaq Global Market Rules which require minimum share prices of $1. Nasdaq notified the company September 2, 2010 that Quantum had to meet the minimum price for 10 consecutive days before March 1, 2011 or be delisted.
The company, based in Irvine, California, is an integrated alternative energy company with business segments in development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. In 2010, Quantum acquired a company that develops and owns wind and solar farms and manufactures solar modules.
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