Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company"), the world's largest producer of solar panels, today announced that it has been notified by the New York Stock Exchange (the "NYSE") that the Company did not meet the NYSE's price criteria for continued listing standard because, as of September 10, 2012, the average closing price of the Company's American Depositary Shares, or ADSs, was less than $1.00 per ADS over a consecutive 30-trading-day period.
Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if the Company's ADSs have a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.
The Company has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe. The Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and oversight by the NYSE. Suntech is currently in compliance with all other NYSE quantitative continued listing standards. The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.