Top solar panel maker Suntech faces NYSE delisting
(Reuters) - Suntech Power Holdings Co Ltd STP.N, the world's largest maker of solar panels whose shares hit a high of $90 in early 2008, runs the risk of being booted out by the New York Stock Exchange.
The company did not meet the exchange's price criteria for continued listing as the average closing price of the stock was less than $1 over the last 30 trading days as of September 10, Suntech said in a statement on Friday.
Suntech shares were down 5 percent at 96 cents on Friday morning.
Shares of Suntech, like peers JA Solar Holdings Co (JASO.O), Trina Solar Ltd (TSL.N) and Yingli Green Energy Holding Co (YGE.N), have fallen sharply in the past three years as product prices fell due to a glut in China and weak subsidies in Europe.
Debt-heavy Suntech's shares have also been hit after it said in July that its partner in a solar development fund might have defrauded it with a bogus collateral pledge of hundreds of millions of euros of German bonds.
Suntech, which once had a market value of more than $15 billion, was valued at $184.8 million based on its closing price of $1.02 on Thursday.
The company, which listed its American Depository Shares on the NYSE on December 14, 2005, said it intends to regain NYSE compliance within the next six months.
(Reporting by Krishna N. Das and Hezron Selvi in Bangalore; Editing by Sriraj Kalluvila)