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 22, 2015 (the “Letter”), informing the Company that it does not comply with the Nasdaq maintenance standard set forth in Nasdaq Listing Rules 5450(b)(3)(C) related to the maintenance of minimum market value of publicly held shares (“MVPHS”) of $15,000,000.
Pursuant to the Listing Rule 5810(c)(3)(D), the Company is provided with a compliance period of 180 calendar days to regain compliance. If at anytime during this compliance period the Company’s MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days, it will receive a written confirmation of compliance and this matter will be closed.
This announcement is being made in compliance with Listing Rule 5810(b), which requires prompt disclosure of receipt of a noncompliance letter.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.