China Sunergy Co., Ltd. (NASDAQ: CSUN),a specialized solar cell and module manufacturer, today announced that the Company received a Nasdaq Staff Deficiency Letter dated April 24, 2014 indicating that the Company is not in compliance with the majority board independence composition requirement for continued listing set forth in Nasdaq Listing Rule 5605(b)(1) which requires that each listed company maintain a board of directors comprised of a majority of independent directors.
In the deficiency letter, Nasdaq provided China Sunergy a cure period to regain compliance as follows: (i) until earlier of the Company’s next annual shareholders’ meeting or March 26, 2015; or (ii) if the next annual shareholders’ meeting is held before September 22, 2014, then the Company must evidence compliance no later than September 22, 2014.
The Company intends to comply as requested and expects to regain compliance within the cure period.
This announcement is being made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ: CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.