China Sunergy Co Ltd, a company based in east China's Jiangsu province that specializes in solar cell and module manufacturing, said in a statement on Wednesday that it has received a letter of non-compliance from the Nasdaq stock market.
This non-compliance, which signals a possible delisting risk, has resulted from the fact that the company's reported stockholders' equity as of Dec 31, 2012 fell below the $10 million threshold as required by the listing rules, the statement said.
The company has 45 days to prepare and submit a plan to the Nasdaq to regain compliance. If the plan is accepted, the Nasdaq may grant the company an extension of up to 180 days from May 2, 2013, for evidence of compliance, the statement said.
Several Chinese solar equipment manufacturers have received delisting warnings from overseas stock markets as orders shrink and profits slump.
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