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Suntech confident despite NYSE’s delisting warning

By Ji Beibei (Global Times)

08:31, September 25, 2012

The world's largest solar panel maker by capacity Suntech Power Holdings Co said Monday it is confident of staying afloat following a warning by the New York Stock Exchange (NYSE) of a delisting in the event of continued poor performance in the stock market.

"We have confidence to avoid delisting and will find ways to pay off our debts by March next year," Suntech spokesman Zhang Jianmin told the Global Times Monday, without elaborating on how.

The Wuxi, Jiangsu Province-based firm announced Friday it has been notified by the NYSE that the company has failed to meet the price criteria for continued listing because, as of September 10, 2012, the average closing price of Suntech was less than $1 per American Depositary Shares (ADS) for 30 consecutive trading days.

Under the NYSE rules, Suntech has a six-month correction period to avoid delisting, if "its shares have a closing price of at least $1 per share on the last trading day of any calendar month during the period and also have an average closing share price of at least $1 over a 30 trading-day period," said the statement.

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