Suntech Regains Compliance With NYSE on Minimum Share-PriceJustin Doom
Suntech Power Holdings Co., the Chinese solar manufacturer involved in bankruptcy proceedings, regained compliance with the New York Stock Exchange’s minimum share-price requirement, allowing it to continued to be traded on the exchange.
The American depositary receipts of Wuxi, China-based Suntech averaged at least $1 for the 30-day trading period ending July 31, the company said today in a statement. Each ADR is worth one ordinary share.
Suntech fell 5 percent to $1.32 at the close in New York. It was the world’s largest panel maker by shipments in 2011.
The company’s main operating unit was pulled into bankruptcy proceedings in China in March after Suntech missed a bond payment. It was warned in September that its ADRs faced delisting after trading below $1 for 30 consecutive days.