Micro-cap module manufacturer, China Technology Development Group Corporation (CTDC) has been notified by NASDAQ Stock Market that its shares will be delisted on May 29, 2012 should the company fail to re-establish its common stock trading above US$1.00 minimum.
CTDC said it intended to consider available options to resolve the deficiency and regain compliance.
Even key solar stocks have been down significantly in 2011 as the sector struggles against overcapacity, weak demand and poor financial performance. According to SEC filings, CTDC had revenue of only US$1.29 million in the first 6-months of 2011 having only started module production in 2010. The company has also been involved in PV power plant projects in China and was one of the first Chinese companies listed on NASDAQ stock exchange in 1996.
Perennial loss maker Energy Conversion Devises has also recently been notified with NASDAQ delisting due to its common stock below the US$1.00 per share requirement.