Suntech Receives Delisting Warning From NYSE

Posted by SI Staff on April 09, 2013 No Comments
Categories : FYI

Suntech Power Holdings Co. Ltd. has been notified by the New York Stock Exchange (NYSE) that the company did not meet the NYSE's price criteria for continued listing standard because, as of April 4, 2013, the average closing price of the company's American Depositary Share (ADS) was less than $1.00 per ADS over a consecutive 30-trading-day period.

Under NYSE rules, the company has six months following receipt of the notification to regain compliance with the minimum share price requirement. Suntech can regain compliance at any time during the six-month cure period if it has 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.

Suntech's major subsidiary in China, Wuxi Suntech Power Co. Ltd., filed for insolvency last month.

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