LDK Solar Co. Ltd. says it has received a notice from the New York Stock Exchange (NYSE) stating that the company did not meet one of the NYSE's continued listing standards.
The average closing price of LDK's American depositary shares (ADS) was $0.99, less than $1.00, per ADS over a consecutive 30-trading-day period as of Nov. 5.
Under the NYSE rules, LDK Solar must bring its average ADS closing price above $1.00 within six months of receipt of the NYSE's notification or its next annual meeting of shareholders if a shareholders' action is proposed (whichever is longer). LDK Solar says it has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe.
If the company fails to become compliant with the continued listing standards within the applicable timeframe, its stock may be delisted by the NYSE.