China Sunergy Co., Ltd. (NASDAQ: CSUN), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on January 7, 2015 , informing the Company that it does not comply with a Nasdaq listing standard set forth in Nasdaq Listing Rule 5250(c)(2) related to the timely filing of Company’s periodic reports, because the company has not timely filed its Form 6-K for the period ended June 30, 2014.
The Form 6-K is a form administered by the U.S. Securities and Exchange Commission and according to Investopedia, “any information that a foreign company issues to its local securities regulators, investors or stock exchange must also be submitted on the Form 6-K. As such, the 6-K is a catch-all for material information that arises in between annual and quarterly financial reports, which are also submitted to the SEC. This form essentially allows U.S. investors in foreign securities to have the same access to information that investors in the foreign company’s home market receive. This transparency of information is one of the most important ingredients for an orderly and fair market. 6-K forms often include a duplication of the latest financial reports such as income statements, balance sheets and cash flow statements. “
The Letter requires the Company to submit a plan to regain compliance with respect to the above delinquent report within 60 calendar days of the receipt of the Letter, or prior to March 9, 2015. The Nasdaq Listing Rules provide that the Staff can grant the Company an exception of up to 180 calendar days from the Filing’s due date, or until June 29, 2015, to regain compliance if Nasdaq accepts the Company’s plan of compliance.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.