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NYSE de-lists Enova Systems
In brief: Warned of a pending de-list in July, Enova Systems (ENA) has been removed from the New York Stock Echange (NYSE) for non-compliance.
Enova has struggled for profitability and market acceptance since its inception. When the company went public, it did so with a strong portfolio of future possibilities, but few of those came to fruition.
Struggling financially, the company has announced that they will not contest the NYSE filing with the Securities and Exchange Commission (SEC) to remove them from the Exchange for failure to comply with NYSE requirements.
Enova, based in Torrance, California, will continue to be listed on the London exchange and will convert from NYSE to the lower-tier OTCQB administered by the OTC Market Group for over-the-counter trading in North America.
And so ...
Although Enova has created some innovative powertrains and solutions, they have not been able to find a market for them and are in competition with some heavy hitters in the mid- and heav-duty segments.
Photo credits: Enova
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