China-based Suntech Power Holdings, one of the world's largest solar companies, has announced that it has regained compliance with the New York Stock Exchange (NYSE) minimum share price listing requirement.
Suntech revealed last week that the NYSE notified the company in a letter dated August 2, 2013 that a calculation of Suntech's average stock price for the 30 trading days ended July 31, 2013 indicated that its stock price was above the NYSE's minimum requirement of an average trading price of US$1 over a 30-day trading period and was above US$1 on the last calendar day of the month of the trading period. On July 31, 2013, the company's closing stock price was US$1.44.
Suntech has been in financial difficulties. In March it announced that a group of eight China-based banks filed a petition with a Chinese court for insolvency and restructuring of its China subsidiary Wuxi Suntech Power Holdings.
On May 14, 2013, the company disclosed that it had received notification from the NYSE that it had failed to timely file its Form 20-F for the fiscal year ended December 31, 2012 (the 2012 Annual Report).
In its latest announcement last week the company said it continues 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 the company's late filing and related public disclosures for up to a six-month period from its due date. If the company fails to file its annual report within six months from the filing due date, the NYSE may allow the company's securities to trade for up to an additional six months.
