Struggling China Sunergy fails to maintain minimum US$15 million NASDAQ market value

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

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. 

26 January 2022
Join this free webinar for our analysis of the growth of N-Type technology including; new capacity expansions and production output. We'll also be looking at the global manufacturing footprint with forecasts on how much product will be made outside of China this year and which companies are driving technology change across the crystalline silicon value chain.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.
8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 March 2022
When it comes to storage, the US market exceeded a gigawatt of advanced energy storage installations (weighted towards lithium ion) at 1.46 GW, more than the previous six years in total! An exponential growth rate could see the market hit 7.5 GW p.a. by 2025. The summit will provide a wealth of content around this vital piece in the US power puzzle, with sessions dedicated to explore how companies are making money from batteries, the latest chemistries and their applications as they apply to different use-cases. We ask how investors can match ESG criteria to batteries and we will bring case studies of successful deployment and project execution onto the stage to examine how you can ensure your own projects are successful.
29 March 2022
Now in its 10th sell-out year, Large Scale Solar returns to Lisbon in 2022. We are excited to gather together face-to-face with the European solar industry as we provide unique and exclusive access to a powerful selection of the market's key stakeholders. Join this elite summit to find out how the market is maturing, which new markets are becoming more exciting, how technology is evolving and who's driving the market forward into the 2020s. Always senior, packed with developers, EPCs, utilities and investors this is the event for companies serious about European solar PV.

Read Next

January 16, 2022
The US Government has appealed against the reinstatement of an exemption from Section 201 tariffs for bifacial modules.
January 14, 2022
The US Department of Energy (DOE) has launched a “Building a Better Grid” initiative to catalyse the development of “new and upgraded high-capacity electric transmission lines” across the US under President Joe Biden’s US$1 trillion Bipartisan Infrastructure Law.
January 14, 2022
Module manufacturer and energy solutions company Q CELLS has entered into a strategic partnership with development and financing firm Kendall Sustainable Infrastructure (KSI) to collaborate on project co-development and financing.
PV Tech Premium
January 14, 2022
Raising more than US$1 billion in equity capital in the past year, US independent power producer (IPP) Silicon Ranch is looking to expand its model of developing, owning and operating large-scale PV plants while maintaining a strategy of co-locating projects with regenerative agriculture.
January 14, 2022
SMA Solar has cut its earnings forecast for the year by more than half pending a contract issue affecting its operations and maintenance business.  
January 14, 2022
Changzhou Better Film plans to invest RMB800 million (US$125 million) into establishing 20GW of ethylene vinyl acetate (EVA) production in the Chinese city of Chuzhou.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal