Tier-one PV manufacturer ReneSola has announced a share repurchase programme as its stock falls below the US$1.0 NYSE minimum price floor.
ReneSola said it may repurchase up to US$20 million in value of its American depositary shares on the NYSE over the next 12 months.
Xianshou Li, ReneSola's chief executive said: “We are fully confident in ReneSola's growth strategy and execution capabilities and we believe that the current share price does not fairly reflect our growth prospects.”
Solar stocks have been impacted by low oil prices as well as part of a wider global share sell-off, triggered by China devaluing its currency as its economy slows.
Solar companies such as ReneSola and Yingli Green still struggling with loss-making operations have seen share prices drop below the minimum price and Yingli Green receiving a de-listing notice.
ReneSola has also changed its business model several times and continues to underperform rivals such as Trina Solar, JinkoSolar and JA Solar, and only had three financial analysts on its second quarter 2015 earnings call.
ReneSola reported second quarter revenue of US$268.4 million, a 23.1% decline from the previous quarter and at the low-end of guidance of US$250 million to US$300 million and a net loss of around US$18 million. The company, like Yingli Green has remained loss making since 2012.