Yingli Green Energy Receives Notice from NYSE of Falling Below Continued Listing Standards
Yingli Green Energy Holding Company Limited (NYSE: YGE) (“Yingli Green Energy” or “the Company”), one of the world’s leading solar panel manufacturers, today announced that, on February 9, 2017, the Company received notification from NYSE Regulation of being below the continued listing standards of the New York Stock Exchange (“NYSE”). The Company is considered below criteria established by the NYSE because the Company’s average market capitalization has been less than US$50 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than US$50 million.
In accordance with NYSE procedures, the Company has 90 days from the receipt of the notice to submit a plan to the NYSE demonstrating how it intends to regain compliance with the NYSE’s continued listing standards within 18 months (the “plan period”). Yingli Green Energy intends to develop and submit such a business plan within the required time frame. The NYSE staff will then evaluate the plan to determine whether the Company has made a reasonable demonstration of an ability to come into conformity with the listing standard within 18 months.
In the event the NYSE accepts the plan, the Company will be subject to quarterly monitoring for compliance with the plan and the Company’s ADSs will continue to trade on the NYSE during the plan period, subject to the Company’s compliance with other NYSE continued listing requirements. In the event the NYSE does not accept the plan, the Company will be subject to suspension by the NYSE and delisting procedures. In the event the Company is delisted, the stock may continue to be traded in the Over-The-Counter (or OTC) market.
The Company’s business operations, its U.S. Securities and Exchange Commission reporting requirements, credit agreements and all other contractual obligations, including sales and procurement contracts, are unaffected by the notice from NYSE.