China Sunergy Co. Ltd. ,a specialized solar cell and module manufacturer, recently announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on March 3, 2016 , informing the Company that it failed to regain compliance with the Listing Rule related to the maintenance of minimum Market Value of Publicly Held Shares of US$15,000,000 within a compliance period of 180 calendar days.
As previously disclosed, on September 3, 2015, NASDAQ notified the Company that for the previous 30 consecutive trading days, the market value of its publicly held shares had been below the minimum $15,000,000 required for continued listing as set forth in Listing Rule 5450(b)(3)(C) (the “Rule”). Therefore, in accordance with Marketplace Rule 5810(c)(3)(D), the Company was provided 180 calendar days, or until March 1, 2016, to regain compliance with the Rule. However, the Company has not regained compliance with the Rule. Accordingly, its securities will be delisted from The Nasdaq Global Select Market. In that regard, unless the Company requests an appeal of this determination, trading of the Company’s American Depositary Shares will be suspended at the opening of business on March 14, 2016, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on the Nasdaq Stock Market.
The Company is considering whether it will appeal NASDAQ’s determination to a Hearings Panel (the “Panel”). A hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. If the Company does not appeal NASDAQ’s determination to the Panel, the Company’s securities may be eligible to continue to be quoted on the OTC Bulletin Board or in the “Pink Sheets.”