Daqo New Energy Corporation, a Chinese manufacturer of polysilicon, has received a notification from the New York Stock Exchange (NYSE) claiming that the company does not meet its price criteria.
As outlined in section 802.01C of the NYSE’s Listed Company Manual, the NYSE's price criteria requires all listed security trade to have a minimum average closing price of US$1.00 during any consecutive 30-trading day period. As of July 24, 2012, the average closing price of Daqo New Energy’s American Depositary Shares (ADS) was less than US$1.00 per ADS over a consecutive 30-trading day period.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Following receipt of this notification, the company has six months to regain compliance with the minimum share price requirement during the cure period. The company has already notified the NYSE that it intends to cure the price deficiency and re-comply with its requirements.
In order to regain compliance, the company’s ADS must have a closing share price of at least US$1.00 on the last trading day of any calendar month during the cure period as well as an average closing share price of at least US$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.
Yesterday, Daqo New Energy posted its second quarter results for 2012, which its revenues tumble to US$30.6 million from US$34 million in the first quarter of 2012. The bulk of this came from sales of polysilicon which generated US$23.6 million.
