ReneSola Ltd (“ReneSola” or the “Company”) (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, announce today that, based on a notice received yesterday from the New York Stock Exchange (the “NYSE”), the Company has regained compliance with the NYSE’s continued listing requirement of a minimum average closing price of $1.00 per share over the previous consecutive 30-trading-day period.
On November 7, 2016, the Company received a notice from the NYSE that the price of its American Depositary Share (“ADS”) was below the minimum average closing price of $1.00 per ADS. In order to bring the price of the ADSs into compliance with the listing requirements, the Company executed a ratio change for its American Depositary Receipt (“ADR”) program on January 30, 2017. As a result, the number of the Company’s shares represented by each ADS was changed from two (2) shares to ten (10) shares (the “Ratio Change”). The Ratio Change was effective on February 10, 2017.
Beginning February 10, 2017, the average closing price of the Company’s ADS has been raised above $1.00 per ADS. Accordingly, the Company has resumed compliance with all NYSE continued listing requirements.