Millennium Cell Inc. (Nasdaq:MCEL), a leading developer of hydrogen battery technology, announced today that on April 23, 2008, it received a Nasdaq Staff Determination indicating that the Company fails to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4310(c)(4), and that its common stock is, therefore, subject to delisting from The Nasdaq Capital Market at the opening of business on May 2, 2008, unless the Company requests a hearing by April 30, 2008, in accordance with Nasdaq Marketplace Rules. The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance the Panel will grant a request by the Company for continued listing.
In addition, Millennium Cell announced that its financial statements for the fiscal year ended December 31, 2007, included in the Company's Annual Report on Form 10-K filed on March 19, 2008, contained a going concern qualification from Ernst & Young LLP, its independent registered accounting firm. The announcement of the receipt of this qualification is required by Nasdaq Marketplace Rule 4350(b)(1)(B). This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2007.
