ReneSola gets NYSE non-compliance notice

China's ReneSola Ltd (NYSE:SOL) said today it received notice from the New York Stock Exchange that it is not in compliance with the stock exchange's price criteria for continued listing.

The notice came after the average closing price of the company's American Depositary Shares (ADSs) was below USD 1 for 30 trading days.

ReneSola, which supplies photovoltaic (PV) products and develops solar projects, has six months to regain compliance with the minimum share price requirement. It said it expects to mend the deficiency within that timeframe. The company is currently in compliance with all other NYSE quantitative continued listing standards.

When reporting second-quarter results at the end of August, ReneSola reduced its full-year revenue guidance to between USD 900 million (EUR 815m) and USD 1.1 billion from a previously expected range of USD 1 billion to USD 1.2 billion because of a slowdown in shipments and lower average selling price (ASP). In the second quarter it turned to a net profit of USD 5.5 million from a loss of USD 2.3 million a year earlier, while revenue decreased 6.8% year-on-year.

(USD 1.0 = EUR 0.906)

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