IRWINDALE, CA, Dec. 8, 1998 (PRIMEZONE) -- Amerigon Incorporated (Nasdaq:ARGNA), announced today that following a hearing regarding the continued listing of the Company's securities, Nasdaq has decided to continue listing the Company's securities on The Nasdaq SmallCap Market on a conditional basis until March 1, 1999 under an exception to the minimum bid requirement. Continued listing is conditioned upon the Company effecting a reverse stock split as contemplated prior to March 1, 1999 and continuing to meet all other listing requirements. In addition, following the reverse stock split, the company's Class A common stock must have a minimum closing bid price for 10 consecutive trading days of at least $1.00.
As part of its proposed plan of compliance, on December 3, 1998, the Company announced that its Board of Directors had approved a 1 for 5 reverse stock split. Consummation of the reverse stock split is subject to shareholder approval and is not expected to be effective until January 1999. If consummated, the reverse stock split will reduce the number of outstanding shares from 12.6 million to 2.5 million.
As a result of the temporary exception to the minimum bid price requirement and conditional listing status, effective December 9, 1998, the Company's Class A Common Stock and Class A Warrants will trade on The Nasdaq SmallCap Market under the symbols ARGAC and ARGWC, respectively. When and if Nasdaq has determined the Company has met the conditions for continued listing, the trading symbols will return to normal. The company will issue a further press release at that time. *t -0- Contact: Steve Seiler Tom J. Ekman Sitrick And Company (310) 788-2850