Heliogen suspended from NYSE listing
Concentrated solar power manufacturer Heliogen’s demonstration facility in Lancaster, California. (Courtesy: Heliogen)
Heliogen, a provider of AI-enabled concentrating solar energy technology, announced it has received notice that the New York Stock Exchange (NYSE) has determined to suspend trading of – and commence proceedings to delist – shares of Heliogen’s common stock and public warrants, effective immediately.
This suspension was made because the company fell below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million. Heliogen says it intends to appeal the delisting determination.
Heliogen anticipates that its common stock and public warrants will begin trading in the over-the-counter (OTC) marketplace on November 8, 2023 under the symbols HLGN and HLGNW, respectively. Investors are expected to continue to be able to access information, including stock price quotes, and execute trades.
PODCAST: Episode 40 of the Factor This! podcast features Craig Wood, CEO of the Australian next-gen concentrated solar power company Vast, which thinks it can change CSP’s fortunes in the US. Subscribe wherever you get your podcasts.
The company has applied to have its common stock – and potentially its public warrants, if eligible – quoted on the OTCQX, the highest market tier operated by the OTC Markets Group, Inc.
Heliogen says the change in its listing status does not impact the company’s commitment to achieving its strategic priorities, including expanding its commercial reach and building out its sales pipeline.
“We remain highly confident in the global market opportunity for our proprietary technology and our ability to execute our strategic growth plan,” said Christie Obiaya, Chief Executive Officer of Heliogen. “Our cash position and commercial pipeline are strong, and we are well positioned to deploy our breakthrough renewable energy technology. We look forward to demonstrating the successful execution of our growth strategy in the months ahead.”
Heliogen intends to continue to comply with public company Securities Exchange Commission (SEC) regulations and other NYSE listing requirements, including filing quarterly financial statements, having independently audited financials, and maintaining an independent Board of Directors with corporate governance rules and oversight committees.
Heliogen recently signed a contract with the city of Lancaster, California, to produce green hydrogen for the city’s growing green hydrogen fuel needs.
The hydrogen is expected to be produced at Heliogen’s Proxima hydrogen facility in Lancaster and will use Heliogen’s concentrating solar power technology. As part of the deal, Heliogen will certify the hydrogen’s carbon intensity, a measure of the CO2 emitted per kilogram of hydrogen produced.
