Suntech gets delisting warning from NYSE

The New York Stock Exchange (NYSE) has warned solar firm Suntech Power Holdings of the possibility of being delisted as the firm’s stock has been under US$1.00/share for more than a month.

Suntech is the first China-based solar firm to be publicly traded in the international stock market. The firm reportedly faced financial troubles that threatened company operations during the global financial crisis in 2009.
New York Stock Exchange

A recent fraud scandal has also damaged Suntech’s brand image and there have been rumors about the firm’s mounting debts and falling capacity utilization rates.

The continuous price fall has been weakening the market’s confidence in the solar industry. The price of solar cells has fallen to US$0.38/watt from US$0.40/watt quoted earlier this month.

Suntech has yet to issue any statement responding to the delisting warning, reports Digi-Times.

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