Struggling small cap PV module manufacturer, China Sunergy (CSUN) has failed to comply with a second NASDAQ listing rule after its market value of publicly held shares (MVPHS) fell below the minimum threshold of US$15 million.
CSUN has been loss making since 2011 and has failed to release quarterly financial results since the second quarter of 2014, triggering the first NASDAQ notice of non-compliance.
CSUN has 180 calendar days to establish a minimum of ten consecutive business days of compliance with the US$15 million MVPHS.
The company last reported sales of US$62.7 million on module shipments of 140MW for the first quarter of 2014. Losses were US$14.6 million. The company also lost its CEO and CFO in 2014.
The company has been experiencing major cash flow issues for several years and last reported cash and cash equivalents of only US$30.1 million nearly a year ago, while total liabilities stood at US$830.6 million at the end of March, 2014. CSUN has not given any indication as to when it would provide financial results for 2014.
CSUN has solar cell manufacturing capacity of 504MW and 1.1GW of PV module capacity with a small JV facility in Turkey.