Heliogen, a leading provider of AI-enabled concentrating solar energy technology, today announced it has received notice that the New York Stock Exchange (“NYSE”) has determined to suspend trading of – and commence proceedings to delist – shares of Heliogen’s common stock and public warrants, effective immediately. This suspension was made because the Company fell below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million. The Company intends to appeal the delisting determination.
Heliogen anticipates that its common stock and public warrants will begin trading in the over-the-counter (“OTC”) marketplace on November 8, 2023 under the symbols HLGN and HLGNW, respectively. Investors are expected to continue to be able to access accurate information, including stock price quotes, and execute trades. The Company has applied to have its common stock – and potentially its public warrants, if eligible – quoted on the OTCQX, the highest market tier operated by the OTC Markets Group, Inc. For quotes or additional information on the OTC, investors may visit otcmarkets.com.
The change in Heliogen’s listing status does not impact the Company’s commitment to achieving its strategic priorities, including expanding its commercial reach and building out its sales pipeline. The Company continues to experience progress toward its goals and will continue to work to enhance value for all stakeholders.
“We remain highly confident in the global market opportunity for our proprietary technology and our ability to execute our strategic growth plan,” said Christie Obiaya, Chief Executive Officer of Heliogen. “Our cash position and commercial pipeline are strong, and we are well positioned to deploy our breakthrough renewable energy technology. We look forward to demonstrating the successful execution of our growth strategy in the months ahead.”
Heliogen intends to continue to comply with public company Securities Exchange Commission (“SEC”) regulations and other NYSE listing requirements, including filing quarterly financial statements, having independently audited financials, and maintaining an independent Board of Directors with corporate governance rules and oversight committees.
Additional information related to this announcement will be included in a Current Report on Form 8-K to be filed with the SEC.
Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.