Suntech Receives Continued Listing Standards Notice from the New York Stock
WUXI, China, April 9, 2012
WUXI, China, April 9, 2012 /PRNewswire/ -- Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech" or the "Company"), one of the world's largest producers
of solar panels, today announced that it has been notified by the New York
Stock Exchange (the "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 Shares, or ADSs,
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.
The Company can regain compliance at any time during the six-month cure period
if the Company's ADSs 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.
The Company has notified the NYSE of its intention to cure this deficiency
within the prescribed timeframe. 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 NYSE notification does not
affect the Company's business operations or its Securities and Exchange
Commission reporting requirements.
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces industry-leading solar
products for residential, commercial, industrial, and utility applications.
With regional headquarters in China, Switzerland, and the United States, and
gigawatt-scale manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in more than 80
countries. Suntech's pioneering R&D creates customer-centric innovations that
are driving solar to grid parity against fossil fuels. Suntech's mission is to
provide everyone with reliable access to nature's cleanest and most abundant
For more information about Suntech's people and products visit
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statements,
and includes the Company's ability to regain compliance with the minimum share
price requirement. Further information regarding these and other risks is
included in Suntech's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Suntech does not
undertake any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required under
For media inquiries, please contact:
Weber Shandwick for Suntech
Ph: +86 21 2411 0046
SOURCE Suntech Power Holdings Co., Ltd.
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