Integrated PV manufacturer and project developer ReneSola said it planned to undertake a reverse stock split in February, 2017 to restore its compliance with the New York Stock Exchange’s (NYSE) minimum US$1.0 stock price rules.
ReneSola said that it would change from two shares to ten shares for its American Depositary Shares (ADS), effective February 10, 2017. ADS holders would be required to exchange existing ADSs for new ADSs on the basis of one new ADS for every five existing ADSs surrendered, according to the company.
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The ratio change would have the same effect as a one-for-five reverse split.
