The New York Stock Exchange (NYSE) has notified ReneSola Ltd., a China-based integrated solar manufacturer and developer, that the company has regained compliance with the NYSE’s continued listing requirement of a minimum average closing price of $1.00 per share over the previous consecutive 30-trading-day period.
This comes after ReneSola received an NYSE notice in November that the price of the company’s American Depositary Share (ADS) was below the minimum average closing price of $1.00 per ADS. In order to bring the price of the ADSs into compliance with the listing requirements, the company says it executed a ratio change for its American Depositary Receipt (ADR) program on Jan. 30, 2017. As a result, the number of the company’s shares represented by each ADS was changed from two shares to 10 shares. The ratio change was effective on Feb. 10, 2017, at which point the average closing price of the ReneSola’s ADS was raised above $1.00 per ADS.
Accordingly, the company says it has resumed compliance with all NYSE continued listing requirements.