Suntech regains NYSE compliance
Suntech Power Holdings has regained compliance with New York Stock Exchange (NYSE) listing requirements after its average price remained above the $1 minimum for 30 consecutive trading days.
The stock closed at $1.53 at the end of 2012.
An NYSE spokesman confirms that the bourse sent a letter on 8 January to the Chinese solar panel giant stating that it was now in compliance, having maintained the $1 minumum to 31 December.
Shares on Monday this week closed down 5.4% to $1.75. Suntech’s 52-week high was $4.40 and its 52-week low $0.71.
Late last year, Suntech announced that it was reducing three production shifts to one and cutting the workforce at its factory in Goodyear, Arizona.
It blamed the move on global oversupply and higher production costs tied to recent import tariffs imposed by the US government.The Goodyear facility's annual production will decrease from about 45MW to 15MW.
On 7 November, the US International Trade Commission voted to impose unilateral tariffs of 35.97% on Suntech cells produced in China. Cells are a key component used at the Goodyear plant.