Heliogen Inc, an American provider of AI-driven concentrated solar solutions, has found itself in the spotlight as its common stock and public warrants are set to be delisted from the New York Stock Exchange (NYSE). The company made an official announcement on Tuesday, stating that its stock will immediately cease trading on the NYSE and will subsequently undergo delisting procedures.
This decision comes as a result of the company's shares and warrants falling below the NYSE's continued listing standard. According to NYSE regulations, listed companies are required to maintain an average global market capitalization of at least USD 15 million (EUR 14.1 million) for 30 consecutive trading days.
In response to this development, Heliogen has expressed its intention to appeal the delisting determination. The company remains confident in its financial stability, with a robust cash position and a promising commercial pipeline. Heliogen's leadership, including CEO Christie Obiaya, is determined to overcome this challenge and continue advancing its groundbreaking renewable energy technology.
As part of the transition, Heliogen expects its common stock and public warrants to be available for trading on the over-the-counter (OTC) market under the symbols “HLGN” and “HLGNW” starting on November 8. Established in 2013, Heliogen specializes in concentrated solar thermal energy solutions that leverage artificial intelligence and thermal storage to decarbonize various industrial operations.
Their modular AI-powered system delivers dispatchable renewable energy in the form of steam, power, or green hydrogen fuel to industrial clients. Despite the NYSE delisting, the company remains well-positioned to further deploy its innovative renewable energy technology.
