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JA Solar has become the second PV manufacturer to receive a de-listing notice, the first being Suntech last month from the NYSE. This time around, NASDAQ stated that, based upon the closing bid price of JA Solar’s American Depositary Shares (ADS) for 30 consecutive business days, the company no longer meets the requirement set forth in NASDAQ Marketplace Rule 5450(a)(1), which requires listed securities to maintain a bid price of US$1.00 per share. The NASDAQ notice has no immediate effect on the listing of the company's ADSs on the NASDAQ.
In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the company has been provided with a period of 180 calendar days, or until April 9, 2013, to regain compliance with the Minimum Bid Price Rule. If at any time prior to April 9, 2013, the bid price of the JA Solar’s ADSs closes at US$1.00 per ADS or more for a minimum of 10 consecutive business days, NASDAQ will notify the company that it has regained compliance with the Minimum Bid Price Rule.
JA Solar attests that it is currently in compliance with all other NASDAQ quantitative continued listing standards and intends to take measures to regain compliance with the Minimum Bid Price Rule within the prescribed timeframe. The NASDAQ notification does not affect the company's business operations or its Securities and Exchange Commission reporting requirements.
