NYSE: Suntech Out of Compliance
Chinese solar panel maker Suntech Power Holdings (NYS: STP) must increase its stock price if it wants to continue to be listed on the New York Stock Exchange. American depositary shares in the company have averaged prices below $1 for 30 straight days, which is in violation of listing requirements. Its market cap is currently just over $180 million. Its 52-week range is $0.71 to $4.40, according to Yahoo! Finance.
Like many other solar companies, the business is struggling with plunging prices due to a flooding of the market and rising tariffs designed to prevent "dumping," or oversupplying the market.
Suntech has six months to come back in line with NYSE standards. To do so, the company will have to get its average share price to at least $1 for an extended period. The company said in a press release today that it plans to meet requirements. The NYSE notification does not affect the company's business operations.
The company traded as low as $0.90 per share in the morning, more than 11% below its price at the market open.
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