SAN DIEGO, May 17, 2013 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL) announced today that it received on May 14, 2013, as anticipated, an additional notification letter from the Listing Qualifications Department of the NASDAQ Stock Market LLC ("NASDAQ") advising the company that, due to its inability to file with the Securities and Exchange Commission its quarterly report on Form 10-Q for the period ended March 31, 2013 on a timely basis, and because the company remains delinquent in filing its Form 10-K for the fiscal year ended December 31, 2012, the company is not in compliance with NASDAQ Listing Rule 5250(c)(1) for continued listing. This notification was issued in accordance with standard NASDAQ procedures and has no immediate effect on the listing or trading of the company's common stock on the NASDAQ Global Market.
As previously disclosed, the company has until May 20, 2013 to submit a plan explaining how it expects to regain compliance. If NASDAQ approves Maxwell's plan, it can grant the company an extension of up to 180 calendar days from the due date of the 2012 Form 10-K (or until September 16, 2013) to regain compliance. The Company expects to be able to satisfy conditions for listing.
About Maxwell Technologies, Inc.
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, automotive, transportation and information technology. Our high-voltage capacitor products help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: www.maxwell.com.
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SOURCE Maxwell Technologies, Inc.