Once one of the world’s leading solar
panel manufacturers, Yingli Green Energy is now facing delisting on the
New York Stock Exchange because the company’s market capitalization has
fallen below the prescribed standards.
The China-based solar PV manufacturer used to be the world’s leading supplier of solar PV modules back in 2013,
but has since fallen on hard times, year after year seeing its market
share and shipping numbers drop. The company faced delisting threats in November of 2015,
when its shares began trading below the $1 threshold for 20 days
consecutively. The company’s latest quarterly earnings report, for the third quarter 2016,
revealed that the company had suffered an operating loss of $34 million
and lackluster revenue and shipments, forcing it to reduce its guidance
for full year shipping figures.
The problems keep rolling in, though, as the company was required to report this week
that it had received a notification from the New York Stock Exchange
(NYSE) Regulation of being below the continued listing standards of the
NYSE. Specifically, Yingli Green Energy’s average market capitalization
has been below $50 million over a consecutive period 30 trading-day
period, and its most recent reported shareholders’ equity was less than
$50 million.
Yingli Green Energy now has 90 days 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 will then be evaluated by the NYSE “to determine
whether the Company has made a reasonable demonstration of an ability to
come into conformity with the listing standard within 18 months.”
A number of investment firms have
advised investors to sell stock in Yingli, and with no current idea yet
when the company is intending to publish its Q4’16 and Full Year ’16
earnings, one wonders exactly whether Yingli Green Energy will remain on
the NYSE for much longer.
source: https://cleantechnica.com/
No comments:
Post a Comment