A123 Falls After Qualcomm Chief Jacobs Steps Down From Board
A123 Systems Inc. (AONE), a U.S. maker of lithium-ion batteries for electric cars and grid storage, fell to a record low after a director resigned.
A123 dropped 22 percent to 49 cents at the close in New York, the lowest since its initial public offering in September 2009. The shares have slipped 35 percent this week, giving the Waltham, Massachusetts-based company a market value of $72 million.
“I have elected to step down from A123’s board to focus on Qualcomm’s growing and increasingly diverse business,” Jacobs said in the statement. He had served on A123’s board since 2002, according to a filing today.
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