Another Solyndra? Electric car battery maker facing financial hardship

Evil 1 2011/11/01 12:29:37

A company whose subsidiary received $118 million in stimulus grant money from the U.S. Department of Energy to build new electric car batteries has now been removed from trading on NASDAQ.

EnerDel got an Energy Department grant in early 2010 for battery manufacturing in Indiana but the stock of EnerDel's parent company, Ener1, fell from $4.04 in 2010 to just 9 cents on Thursday. By Friday NASDAQ had pulled the company from its listing leaving the stock at $0.00.

NASDAQ took action after sending the company a notice saying it was out of compliance for failing to file its June 30th financial quarterly filing. The company notified shareholders back in August that two of the company's quarterly filings "should no longer be relied upon" and the company would have to re-do their financial statements.

Read More: http://www.cbsnews.com/8301-31727_162-20127308-103...

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