ReneSola Announces Compliance with NYSE Trading Rules
ReneSola Ltd. (NYSE: SOL), which develops and operates solar projects, said today that the New York Stock Exchange notified the company that it regained full compliance with the Exchange&`#`39;s continued listing standards.
ReneSola&`#`39;s Chief Executive Officercommented, "We are pleased that our hard work over the past year resulted in achievement of one of our key goals: to fully comply with all listing standards of the exchange. We are committed to providing our shareholders with the liquidity and disclosure that result from a US listing, and are pleased to remain an NYSE-listed company."
The Shanghai-based company, founded in 2005, was listed on the NYSE in 2008. The company received a noncompliance notice in July last year regarding its low market capitalization and stockholders&`#`39; equity, which led to the sale of some assets in September. The NYSE accepted the company&`#`39;s business plan for continued listing in December. Last February, ReneSola also changed the ratio of ordinary shares to American depositary shares from 2-to-1 to 10-to-1 to help ensure its price per share compliance.