Suntech Power Holdings Co. Ltd. has regained compliance with the New York Stock Exchange's (NYSE) minimum share price listing requirement. The company had received a delisting warning from the NYSE in April due to insufficient stock price.
In a letter dated August 2, 2013, the NYSE notified Suntech that a calculation of its average stock price for the 30 trading days ending July 31 indicated that it was above the NYSE's minimum requirement of an average trading price of $1 over a 30-day trading period and was above $1 on the last calendar day of the month of the trading period. On July 31, 2013, the company's closing stock price was $1.44.
In May, Suntech received notification from the NYSE that it had failed to timely file its Form 20-F for the fiscal year ending December 31, 2012. The company says it is continuing to work on its restated financials for 2010 and 2011, as well as the 2012 annual report.
The NYSE has indicated that it will closely monitor the status of Suntech's late filing and related public disclosures.