Echelon Corporation (NASDAQ:ELON) Enjoying Its Last Days on the NASDAQ?

[[tagnumber 0]]Echelon Corporation (NASDAQ:ELON) share price made a large jump up in the last trading session as traders are expecting the second quarter report of the company that should come out after market close today. ELON is continuing the downtrend though and could soon get suspended from trading on the NASDAQ.[[tagnumber 1]] [[tagnumber 0]][[tagnumber 3]][[tagnumber 1]] [[tagnumber 0]]Yesterday, ELON closed the market with a nearly 11% increase at $0.543 for a share. The trading volume was minor, however, and technically the stock does not seem to have huge chances to gain much more in the coming session. Yet, the share price touched the 10–day moving average which could be considered a positive sign.[[tagnumber 1]] [[tagnumber 0]] [[tagnumber 1]] [[tagnumber 9]]Even if ELON makes some more short–term gains this week, its looks still too far away from the $1 mark which is the required quote for continued listing on the NASDAQ. More than two months have passed since the company‘s stock dropped below that level after trading in a channel for a while, and the first notice of noncompliance with the rules has already come in. ELON has time until December this year, and maybe today‘s financial data can indicate whether the company can manage to reach its goal.[[tagnumber 10]][[tagnumber 1]] [[tagnumber 0]]ELON valuation has probably hit the bottom in the last few trading sessions, however, it is yet not sure if the stock has chances to recover soon. Recent events have been rather bearish. In June, the company issued a significant number of stock options to members of the management, though with an exercise price far above the current market price.[[tagnumber 1]] [[tagnumber 0]] [[tagnumber 1]] [[tagnumber 0]]In May, ELON terminated its lease agreement for its headquarters in California and as a result of this early termination it had to make an upfront cash payment to the landlord of $10 million. A new agreement was signed to rent a smaller portion in the same facility and another $900,000 were paid as lease payments. In any case, that was another negative signal for the stock market.[[tagnumber 1]] [[tagnumber 18]] [[tagnumber 1]]