Solar specialist Heliogen's stock to be delisted from NYSE

US artificial intelligence (AI)-enabled concentrated solar specialist Heliogen Inc (NYSE:HLGN) will have its common stock and public warrants delisted from the New York Stock Exchange.

The company said on Tuesday that its stock will be suspended from trading with immediate effect and subsequently delisted. The proceedings will be undertaken as the trading price of the shares and warrants fell below the bourse’s continued listing standard, under which listed companies are required to keep an average global market capitalisation of at least USD 15 million (EUR 14.1m) for 30 trading days in a row.

Heliogen said it intends to appeal the delisting determination. The company expects its common stock and public warrants to start trading in the over-the-counter (OTC) market on November 8 under the “HLGN” and “HLGNW” symbols.

Launched in 2013, Heliogen offers a concentrated solar thermal energy solution that uses sunlight and thermal storage to decarbonise industrial operations. Its AI-powered modular system delivers dispatchable renewable energy in the form of steam, power or green hydrogen fuel for industrial customers. “Our cash position and commercial pipeline are strong, and we are well positioned to deploy our breakthrough renewable energy technology,” said CEO Christie Obiaya.

(USD 1.0 = EUR 0.937)

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