Beleaguered Suntech Power Holdings has received notification that it has once again failed to meet criteria for listing on the New York Stock Exchange.
The company said its American Depository Shares listed over the counter as OTC:STPFQ had failed to reachUS$1.00 per share over a 30-trading-day period
The company’s shares were suspended from trading on the NYSE and on 19 November 2013.
Should it be reinstated to the NYSE, Suntech Power Holdings noted that it had six months following receipt of the notification to regain compliance. The company adding that it intended to “cure this deficiency within the prescribed timeframe”, without providing further details.
The company is currently undergoing bankruptcy proceedings in its registered domain of the Cayman Islands and Chapter 15 liquidation in the US courts, protecting it from creditors in the US.
Suntech’s manufacturing operations in China have already been sold under Chinese insolvency administration to Shunfeng Photovoltaics.