ReneSola Ltd., a China-based integrated solar manufacturer and developer, has announced it received notice from the New York Stock Exchange (NYSE) on Nov. 7 that the company did not meet the NYSE’s price criteria for continued listing standard because the average closing price of the company’s American Depositary Shares (ADS) was less than $1.00 per ADS over a consecutive 30-trading-day period.
Under NYSE rules, ReneSola has six months following receipt of the notification to regain compliance with the minimum share price requirement. The company notes it can regain compliance at any time during the six-month cure period if the company’s ADS have a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30-trading-day period ending on the last trading day of that month or on the last day of the cure period.
ReneSola says it expects to cure this deficiency within the prescribed timeframe and will duly notify the NYSE of its intention. The company’s ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and oversight by the NYSE.
The company says it is currently in compliance with all other NYSE quantitative continued listing standards, and the NYSE notification does not affect ReneSola’s business operations or its U.S. Securities and Exchange Commission reporting requirements.