Looks like things that were bad with Ener1 (and the Think City electric car
) are about to go to worse. After a string of bad news (see here
), the latest shoe to drop is the news that the NASDAQ suspended Ener1 from the stock exchange. The fight has apparently gone out of Ener1, since the company said it has no plans to appeal and will thus be permanently delisted from NASDAQ. The stock (previously HEV and now HEVV), which used to trade at over $4 a share, will now be "penny-stock status on the over-the-counter bulletin board" and "more difficult to buy and sell," writes the Indianapolis Business Journal.
If we didn't know better, we'd expect a fresh round of Solyndra
-like criticism over this case, since Think received a $118.5 million grant
– not a loan, this time
– in August 2009. There are even Russians involved