Polysilicon group Daqo hit by NYSE warning over share price

Chinese polysilicon maker Daqo New Energy has received a warning from the New York Stock Exchange (NYSE) that it no longer complies with listing requirements, after the firm’s share price remained below $1 for 30 consecutive days.

The stock exchange requires that any listed security trade at a minimum average closing price of $1 during any consecutive 30-trading-day period.

Daqo said in a statement this week that it “intends to cure its ADS' (American Depositary Shares) price deficiency within the applicable time periods required by the NYSE and to remain listed on the NYSE, subject to its compliance with other NYSE continued listing standards”.

Under the stock exchange rules, the company has six months following receipt of the notification to regain compliance with the minimum share price requirement.

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