| EATONTOWN,
N.J.--Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen
battery technology, announced today that it received a Nasdaq Staff Deficiency
Letter from the Nasdaq Stock Market. The letter states that for the last
30 consecutive business days, the bid price of the Company's stock has
closed below the $1.00 minimum per share requirement for continued listing
as set forth in Marketplace Rule 4310(c)(4). According to Nasdaq regulations,
Millennium Cell will be provided 180 calendar days, or until October 22,
2007, to regain compliance. This letter has no effect on the listing of
the Company's common stock at this time.
The Letter also stated that if at
any time before October 22, 2007, the bid price of the Company's common
stock closes at or above $1.00 per share for a minimum of ten consecutive
business days the Company will be provided written notice that it complies
with the rule.
Should the Company not be able to
demonstrate compliance with the rule by October 22, 2007, Nasdaq staff
will determine whether Millennium Cell meets initial listing criteria for
The Nasdaq Capital Market except for the bid price requirement. If the
Company meets the initial listing criteria, then it will be granted an
additional 180 calendar days to comply. If not, the Company will be notified
that its securities will be de-listed from Nasdaq. At that time, the Company
may appeal the determination to delist its securities.
"Millennium Cell is focused on regaining
compliance with Nasdaq's listing requirements and expects to remain a listed
company on this exchange," commented H. David Ramm, Millennium Cell Chief
Executive Officer. "We are committed to preserving and enhancing the value
of our shareholders investment in the Company."
About Millennium Cell
Millennium Cell is a leader in the
development of hydrogen battery technology used to power portable applications.
Through its proprietary Hydrogen on Demand(R) fuel cartridges and PowerSkin(TM)
fuel cell modules, the Company provides increased energy density resulting
in longer runtime and lighter weight in a compact space. The Company is
working with market partners to meet the demand for a better battery in
the military, medical, industrial and consumer electronics markets. For
more information, visit www.millenniumcell.com.
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