PV module encapsulant material provider, STR Holdings, has said it is to undertake a reverse stock split of its NYSE listed shares in a bid restore its share price above the US$1.0 minimum threshold.
To regain compliance with NYSE rules, the share price and average share price must achieve a price of at least US$1.0 per share within six months following the receipt of notification of non-compliance.
STR Holdings said it planned to implement a one-for-three reverse stock split after closing of the market on January 30, 2015.
Following the reverse stock split, STR Holdings said there would be approximately 18.1 million shares of common stock outstanding.
The company is now majority owned by Chinese PV project developer Zhen Fa New Energy.