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Investing

Millennium Cell’s Final Implosion (MCEL)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

Millennium Cell Inc. (NASDAQ: MCEL) (technically pink sheets) has approved a liquidation plan, and one that is going to bode poorly for shareholders.  Its board of directors has approved a liquidation plan via the sale of its assets followed by the distribution of the proceeds to its creditors.

It states up front that at current estimated asset valuations, there is no expectation that the holders of the Company’s common stock will receive any proceeds through the liquidation.

This shouldn’t be a huge surprise as the company ceased operations in May.  Its discussions for a reverse merger did not work and were terminated so this is essentially all that is left for an option.

The company had been a developing stage company for hydrogen batteries for use primarily in portable electronic devices for the military, medical, industrial, and consumer markets.  Too bad, but not all alternative energy companies can survive.  This was a $20+ stock back in 2001.

In short, Bye, bye!"

Jon C. Ogg
July 17, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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