New Generation Biofuels faces Nasdaq delisting

Lake Mary, Fla.-based New Generation Biofuels Holdings (Nasdaq:NGBF) could be getting the boot from the Nasdaq.

The company, which makes biofuels from vegetable oils and animal fats, said today that it was notified earlier this week that it’s no longer compliant with the market’s listing requirements.

The company’s stock closed down 1.92 percent today, at $1.02. The company has a market cap of nearly $30 million.

Based on the company’s stockholders’ equity for the quarter ending June 30, 2009, New Generation Biofuels doesn't meet the $2.5 million minimum stockholders’ equity requirement to stay listed. As of June 30, the company’s stockholders' equity was approximately $600,000.

According to a news release, the notification isn’t expected to have an immediate effect on the listing or trading of the company’s common stock.

New Generation Biofuels has until Sept. 10 to give the Nasdaq its plan to get up to compliance, which it said it plans to do. If the plan is accepted, the Nasdaq could grant the company up to 105 days from Aug. 26 to resume compliance, otherwise the company could be delisted.

In April, the company raised $1.64 million in a second round of a March private placement, bringing its total for the month to $3.17 million. New Generation Biofuels changed its name from H2Diesel in 2008 (see Big brother backing Cleantech and FirstEnergy to test biofuel from New Generation Biofuels).

In July, the company announced it closed an offering of $3.2 million in common stock and warrants for general corporate purposes. At the time, the company said its resources, including proceeds from the offering, would be enough for it to conduct business until the end of the year, but that it would need to raise additional capital.

Cleantech developments making news in the past 24 hours

• Nexamp closes Series A round, brings on new CEO
• Water innovation beyond desal: the new opportunities?
• Areva to launch solar business with Ausra takeover

View the last week of cleantech developments here | Subscribe to full feed