Suntech tries to boost ADS prices
Updated: 2012-09-25 17:04
By Xie Yu (chinadaily.com.cn)
Debt-ridden Suntech Power Holdings Co, one of the world's largest solar panel makers, is seeking ways to boost the price of its American depositary shares, or ADS, after it received a delisting alert from the New York Stock Exchange.
"We are confident that we'll avoid the delisting and will find ways to pay off our debt by March next year," Suntech spokesman Zhang Jianmin said on Monday.
Suntech said on Friday that it had been notified by the NYSE that the company did not meet the stock exchange's price criteria for continued listing.
As of Sept 10, 2012, the average closing price of the company's American depositary shares was less than $1.00 per ADS over a consecutive 30-day trading period.
Under NYSE rules, the company has six months following receipt of the notification to comply with the minimum share price requirements.
Suntech was recently hit by a financial fraud case of 554.2 million euros ($680 million). In addition, last week, the company was forced to cut its solar cell output at its Wuxi plant by 25 percent to survive a slump in the market.