Struggling firm, Evergreen Solar has been notified by Nasdaq that it is in breech of two stock market listing requirements and is in danger of being delisted from the exchange. Evergreen Solar’s stock price has fallen below the minimum $1.00 per share requirement for continued listing on the Nasdaq Capital Market as well as failing to obtain a minimum market value for its listed securities of US$35 million. Both warnings are issued when noncompliance has been seen for at least 30 consecutive business days.
Evergreen Solar’s common stock will continue to be traded and has 180 calendar days, or until January 3, 2012, in which to regain compliance. The company noted that it had received non-compliance letters form Nasdaq on July 5, 2011.
Evergreen Solar has been attempting to transition from being a PV module manufacturing using its ‘String Ribbon’ technology to a supplier of standard sized (156 x 156mm) String Ribbon-based wafers, due to difficulties in competing on cost with modules from low cost regions such as China.
The transitioning company reiterated its attempts to seek further funds or opportunities to restructure debts, though no specific new developments were mentioned since announcing plans back in May, 2011.