Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company"), one of the world's largest solar companies, today announced that it has regained compliance with the New York Stock Exchange's ("NYSE") minimum share price listing requirement.
In a letter dated August 2, 2013, the NYSE notified the Company that a calculation of Suntech's average stock price for the 30 trading days ended July 31, 2013 indicated that its stock price was above the NYSE's minimum requirement of an average trading price of $1 over a 30-day trading period and was above $1 on the last calendar day of the month of the trading period. On July 31, 2013, the Company's closing stock price was $1.44.
As previously announced on May 14, 2013, the Company has also received notification from the NYSE that it had failed to timely file its Form 20-F for the fiscal year ended December 31, 2012 (the "2012 Annual Report"). The Company continues to work on its restated financials for 2010 and 2011, as well as the 2012 Annual Report. The NYSE has indicated that it will closely monitor the status of the Company's late filing and related public disclosures for up to a six-month period from its due date. If the Company fails to file its annual report within six months from the filing due date, the NYSE may allow the Company's securities to trade for up to an additional six months.