American Superconductor Receives NASDAQ Notification Letter

American Superconductor Corporation AMSC today announced it received a letter from the Listing Qualifications Department of the NASDAQ Stock Market advising the company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) due to its inability to file on a timely basis its Quarterly Report on Form 10-Q for the period ended June 30, 2011. This notification was issued in accordance with standard NASDAQ procedures, and in connection with its previous notification dated June 17, 2011 regarding the company's inability to file on a timely basis its Annual Report on Form 10-K for fiscal year ended March 31, 2011. NASDAQ's notification has no immediate effect on the listing of the company's common stock. As previously disclosed, additional time is required to complete the preparation and audit of the company's financial statements, including its restated financial statements for the fiscal quarters ended September 30, 2010 and December 31, 2010. In response to the previous letter received from NASDAQ on June 17, 2011 referenced in the company's press release dated June 21, 2011, AMSC sent a detailed letter to NASDAQ on August 16, 2011 outlining its plan to regain compliance and requesting an extension of time to file the required periodic reports. According to its Listing Rules, NASDAQ has the discretion to grant the company an extension of up to 180 calendar days from the due date of the Annual Report on Form 10-K for fiscal year ended March 31, 2011, or December 14, 2011.