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Bedford-based solar equipment maker Spire Corp. reports it has received a letter from the Nasdaq Stock Market indicating the firm has not gained compliance with the exchange’s listing requirements and risks having its stock delisted. Spire was originally notified that its market value had fallen below the exchange’s $50 million minimum in December of 2008.
As a result of the notification, officials at Spire (Nasdaq: SPIR) have requested a hearing before a Nasdaq Listing Qualifications Panel to review the situation. The request will stay Nasdaq’s original determination and the company’s stock will remain listed pending a decision from the panel.
According to a company statement, officials at Spire expect to regain compliance upon filing its upcoming annual report, though no date was provided.
Spire makes manufacturing equipment for photovoltaic production for customers all over the world.
Despite the economic turmoil, Spire increased its revenue in each of the first three quarters of 2008, from $14.5 million in the first quarter to $17.5 million in the third. Over the same course of time, the company also went from a $523,000 net loss in the first quarter to a $445,000 gain in the third quarter.
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