American Superconductor Regains Nasdaq Compliance
In another sign that Devens-based American Superconductor is putting its past troubles with a Chinese customer behind it, the company regained compliance for its stock to be listed on the Nasdaq stock exchange.
The electrical components manufacturer has battled financial troubles since it announced in April that its largest customer, Chinese-based company Sinovel, refused to accept shipments it ordered and failed to pay for delivered products.
American Superconductor failed to file its annual and quarterly reports following the news, causing Nasdaq to issue a warning in June that the company was not meeting minimum certification requirements for listing on the exchange.
Last month, the company filed the reports, which showed it lost almost $160 million because of the Sinovel incident.
The company's stock has fallen from $31.88 per share last October to $3.42 by the end of trading yesterday. It lost almost half its value in April when the Sinovel news broke.
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