BLUE BELL, Pa., July 20 /PRNewswire-FirstCall/ -- C&D
Technologies, Inc. (NYSE: CHP), a leading North American producer
and marketer of electrical power storage and conversion systems
used in telecommunications, uninterrupted power supply (UPS)
systems, utility and other high reliability applications, announced
today that the Company received notification from the New York
Stock Exchange (the "NYSE") that the Company has fallen below the
continued listing standard which requires a minimum average closing
price of $1.00 per common share over
thirty consecutive trading days.
Under NYSE rules, the Company has a period of six months
following receipt of the notification to bring its average common
share price above $1.00 per share for
thirty consecutive trading days in order to avoid delisting of its
common shares on the NYSE. The Company's common stock will
continue to be listed on the NYSE during this six month interim
period, subject to compliance with other NYSE continued listing
requirements and the NYSE's right to reevaluate continued listing
determinations. The Company plans to notify the NYSE that it
intends to cure this deficiency in accordance with the NYSE rules.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for
the switchgear and control (utility), telecommunications, and
uninterruptible power supply (UPS), as well as emerging markets
such as solar power. C&D Technologies engineers, manufactures,
sells and services fully integrated reserve power systems for
regulating and monitoring power flow and providing backup power in
the event of primary power loss until the primary source can be
restored. C&D Technologies is headquartered in Blue Bell, PA. For more information about
C&D Technologies, visit http://www.cdtechno.com.
Forward-looking Statements:
This press release may contain forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934), which are
based on management's current expectations and are subject to
uncertainties and changes in circumstances. Words and expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. Factors that appear with the
forward- looking statements, or in the Company's Securities and
Exchange Commission filings (including without limitation the
Company's annual report on Form 10-K for the fiscal year ended
January 31, 2010, or the quarterly
and current reports filed on Form 10-Q and Form 8-K thereafter),
could cause the Company's actual results to differ materially from
those expressed in any forward-looking statements made herein,
including but not limited to the Company's ability to achieve and
maintain an average share price above $1.00 per share of its common stock at the
expiration of the six month period, commencement by the NYSE of
suspension and delisting procedures for failure to implement
successfully a plan to correct non-compliance with the NYSE listing
standards, the Company's ability to satisfy the NYSE's other
continued listing standards, and the NYSE's right to take more
immediate listing action in the event that the Company's stock
trades at levels that are viewed as abnormally low on a sustained
basis or based on other factors.
SOURCE C&D Technologies, Inc.