Exhibit 99.1
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Press Release |
AMSC RECEIVES NASDAQ NOTIFICATION LETTER
DEVENS, Mass., June 21, 2011 — American Superconductor Corporation (NASDAQ: AMSC), a global
power technologies company, today announced that it received a letter on June 17, 2011 from the
Listing Qualifications Department of the NASDAQ Stock Market (“NASDAQ”) advising the company that,
due to its inability to file its Annual Report on Form 10-K for its fiscal year ended March 31,
2011 on a timely basis, the company is not in compliance with NASDAQ Listing Rule 5250(c)(1) for
continued listing. This notification was issued in accordance with standard NASDAQ procedures and
has no immediate effect on the listing of the company’s common stock. The NASDAQ letter indicated
that the company has until August 16, 2011 to regain compliance or submit a plan explaining how it
expects to regain compliance. If NASDAQ approves AMSC’s plan, it can grant the company an extension
of up to 180 calendar days from the due date of the Form 10-K (or until December 14, 2011) to
regain compliance.
As previously disclosed in the company’s Form 12b-25 filed with the Securities and Exchange
Commission on May 31, 2011, AMSC has not yet completed the preparation of its financial statements
for the fiscal year ended March 31, 2011. Additional time is required to complete the preparation
and audit of these financial statements as a result of the review of certain revenues associated
with shipments to customers in China during the second, third and fourth fiscal quarters of the
fiscal year ended March 31, 2011.
About American Superconductor (NASDAQ: AMSC)
AMSC offers an array of proprietary technologies and solutions spanning the electric power
infrastructure — from generation to delivery to end use. The company is a leader in renewable
energy, providing proven, megawatt-scale wind turbine designs and electrical control systems.
The company also offers a host of Smart Grid technologies for power grid operators that
enhance the reliability, efficiency and capacity of the grid, and seamlessly integrate renewable
energy sources into the power infrastructure. These include superconductor power cable systems,
grid-level surge protectors and power electronics-based voltage stabilization systems. AMSC’s
technologies are protected by a broad and deep intellectual property portfolio consisting of
hundreds of patents and licenses worldwide. More information is available at www.amsc.com.
# # # #
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC,
Powered by AMSC, Amperium, D-VAR, dSVC, FaultBlocker, PowerModule, PowerPipelines, PQ-IVR, PQ-SVC,
SeaTitan, SolarTie, SuperGEAR and Windtec and design are trademarks or registered trademarks of
American Superconductor Corporation or its subsidiaries. All other brand names, product names or
trademarks belong to their respective holders.
Any statements in this release about future expectations, plans and prospects for the company,
including without limitation our expectations regarding the filing of our Annual Report on Form
10-K for the fiscal year ended March 31, 2011, the financial performance of the company and other
statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar
expressions, constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. There are a number of important factors that could materially impact
the value of our common stock or cause actual results to differ materially from those indicated by
such forward-looking statements. Such factors include: we may be subject to restatement of
financial information from prior periods, identification of deficiencies in our internal control
over financial reporting or disclosure control and procedures, and/or additional unanticipated
accounting, audit and internal control issues; we have a history of operating losses, and we may
incur losses in the future; our operating results may fluctuate significantly
AMSC Receives NASDAQ Notification Letter
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from quarter to
quarter and may fall below expectations in any particular fiscal quarter, including any
expectations resulting from financial guidance issued by us; a significant portion of our revenues are derived from a
single customer, Sinovel, and revenues from this customer may decline in future periods; any
failure by this customer (or other customers) to honor contractual obligations to accept products
or to pay for products may have a material adverse impact on our financial condition or results
from operations; adverse changes in domestic and global economic conditions could adversely affect
our business; changes in exchange rates could adversely affect our financial results; we may not
realize all of the sales expected from our backlog of orders and contracts; we rely upon third
party suppliers for the components and subassemblies of many of our products, making us vulnerable
to supply shortages and price fluctuations; we may require significant additional funding and may
be unable to raise capital when needed, which could force us to delay, reduce, or eliminate planned
activities, including the planned acquisition of The Switch; failure to complete the planned
acquisition of The Switch could harm our operating results and could cause our stock price to
decline; completion of the planned acquisition of The Switch could present certain risks to our
business; we may acquire additional complementary businesses or technologies that may require us to
incur substantial costs for which we may never realize the anticipated benefits; our common stock
has experienced, and may continue to experience, significant market price and volume fluctuations,
which may prevent our stockholders from selling our common stock at a profit and could lead to
costly litigation against us that could divert our management’s attention; if we fail to implement
our business strategy, our financial performance could be harmed and our growth could slow or stop;
our products face intense competition, which could limit our ability to acquire or retain
customers; our international operations are subject to risks that we do not face in the U.S., which
could have an adverse effect on our operating results; we depend on sales to China, and global
conditions could negatively affect our operating results or limit our ability to expand our
operations outside of China; changes in China’s political, social, regulatory and economic
environment may affect our financial performance; problems with product quality or product
performance may cause us to incur warranty expenses and may damage our market reputation and
prevent us from achieving increased sales and market share; our success in addressing the wind
energy market is dependent on the manufacturers that license our designs; we have been named as a
party to purported stockholder class actions and a shareholder derivative complaints, and we may be
named in additional litigation, all of which will require significant management time and attention
and result in significant legal expenses and may result in an unfavorable outcome, which could have
a material adverse effect on our business, operating results and financial condition; we have not
manufactured our Amperium wire in commercial quantities, and a failure to manufacture our Amperium
wire in commercial quantities at acceptable cost and quality levels would substantially limit our
future revenue and profit potential; and our patents may not provide meaningful protection for our
technology, which could result in us losing some or all of our market position. Reference is made
to many of these factors and others in the “Risk Factors” section of the company’s most recent
quarterly or annual report filed with the Securities and Exchange Commission. In addition, any
forward-looking statements included in this press release represent the company’s views as of the
date of this release. While the company anticipates that subsequent events and developments may
cause the company’s views to change, the company specifically disclaims any obligation to
update these forward-looking statements. These forward-looking statements should not be relied upon as
representing the company’s views as of any date subsequent to the date this press release is
issued.
AMSC Contact:
Jason Fredette
Phone: 978-842-3177
Email: jfredette@amsc.com
Jason Fredette
Phone: 978-842-3177
Email: jfredette@amsc.com