The New York Stock Exchange (NYSE) has sent China-based solar panel manufacturer Yingli Green Energy notification that the company is below the continued-listing standards of the NYSE.
As Yingli explains in an announcement, the company is considered below criteria established by the NYSE because Yingli’s average market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $50 million.
In accordance with NYSE procedures, Yingli has 90 days from the receipt of the notice to submit a plan to the NYSE demonstrating how the company intends to regain compliance with the NYSE’s continued-listing standards within 18 months. Yingli says it intends to develop and submit such a business plan within the required time frame. The NYSE staff will then evaluate the plan to determine whether the company has made a reasonable demonstration of an ability to come into conformity with the listing standard within 18 months.
In the event the NYSE accepts the plan, Yingli continues, it will be subject to quarterly monitoring for compliance with the plan and the company’s American depositary shares will continue to trade on the NYSE during the plan period, subject to the xompany’s compliance with other NYSE continued-listing requirements. In the event the NYSE does not accept the plan, Yingli will be subject to suspension by the NYSE and delisting procedures. In the event the company is de-listed, the stock may continue to be traded in the Over-The-Counter market.
The company says its business operations, its U.S. Securities and Exchange Commission reporting requirements, credit agreements and all other contractual obligations, including sales and procurement contracts, are unaffected by the notice from NYSE.
This article was originally featured on solarindustrymag.com.