Nasdaq Compliance Notification Letter to SatCon Technology Corporation Regarding Minimum Bid Price Rule
This letter from Nasdaq to SatCon Technology Corporation confirms that the company has regained compliance with Nasdaq's minimum bid price requirement. After previously failing to maintain a $1.00 minimum bid price for its common stock, SatCon's stock price has now met or exceeded this threshold for at least 10 consecutive trading days. As a result, Nasdaq considers the matter resolved and the company's listing is no longer at risk for this issue.
Exhibit 10.2
|
| THE NASDAQ STOCK MARKET |
By Facsimile and First Class Mail
September 19, 2003
Mr. Ralph M. Norwood
Vice President and Chief Financial Officer
SatCon Technology Corporation
161 First Street
Cambridge, MA 02142
| Re: |
| SatCon Technology Corporation (the “Company”) |
|
|
| Nasdaq Symbol: SATC |
Dear Mr. Norwood:
On March 19, 2003, Staff notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive trading days as required by The Nasdaq National Market set forth in Marketplace Rule 4450(a)(5) (the “Rule”). Since then, the closing bid price of the Company’s common stock has been at $1.00 per share or greater for at least 10 consecutive trading days. Accordingly, the Company has regained compliance with the Rule and this matter is now closed.
If you have any questions, please do not hesitate to contact Adam Foulke, Listing Analyst, at ###-###-####.
| Sincerely, | |
|
| |
|
| |
| /s/ Cynthia T. Melo |
|
| Cynthia T. Melo | |
| Director | |
| Nasdaq Listing Qualifications | |
