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Ener1, Inc. (AMEX: HEV) announced today that its Board of Directors has approved the decision to switch the listing of its common stock from the NYSE Alternext U.S. to the NASDAQ Stock Market, effective as of the close of trading on December 31, 2008. The company's shares will commence trading on NASDAQ on January 2, 2009 and will continue to be listed under the symbol HEV.
This decision was reached "after careful consideration of capital market alternatives and analysis of the electronic market model, which provides added visibility to our investors," said Charles Gassenheimer, Chairman and CEO of Ener1, Inc. "We believe that NASDAQ's electronic multiple market maker structure will provide our company with enhanced exposure and liquidity, at the same time providing investors with the best prices, the fastest execution and the lowest cost per trade."
"We are honored that Ener1 has chosen to list on The NASDAQ Stock Market," said Bruce Aust, Executive Vice President of NASDAQ OMX. "Ener1 brings innovation to the automotive industry with clean and efficient energy sources and it exemplifies the leadership that defines NASDAQ and its listed companies," he added.
"As the world's largest exchange company with 3,900 listed companies, Ener1 will mark the first switch from the NYSE to NASDAQ in 2009," said Aust.
NASDAQ is the largest U.S. electronic stock market. It lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ website at www.nasdaq.com or the NASDAQ Newsroom www.nasdaq.com/newsroom.
Safe Harbor Statement:
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
About Ener1, Inc.
Ener1 develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid and electric vehicles. The publicly traded company (AMEX: HEV) is led by an experienced team of engineers and energy system experts at its EnerDel subsidiary located in Indiana. EnerDel has developed proprietary battery systems based on technology originally pioneered with the assistance of the Argonne National Lab.
Ener1 is seeking to become the first company to mass-produce a cost-competitive lithium-ion battery for hybrid and electric vehicles. Demand for battery solutions is being driven by a need to reduce dependence on oil as well as growing concern about vehicle emissions. In addition to the automobile market, applications for Ener1 lithium-ion battery technology include medical, military, aerospace, electric utility and other growing markets.
Major shareholders of Ener1 include Ener1 Group, Inc., a privately held, global investment and advisory firm, and ITOCHU Corporation, a Japanese trading company and distributor of manufacturing equipment essential to lithium-ion battery production. ITOCHU has annual revenue of approximately $90 billion and offices in more than 80 countries. Ener1 has also received funding from a growing number of institutional investors.
In addition to battery technology, Ener1 develops commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.
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