China Sunergy could lose NASDAQ listing


China Sunergy faces losing its NASDAQ stock market listing if it cannot persuade the exchange authorities of its intent to submit a missing filing.

The Chinese cell and module manufacturer today announced on its website it has received a warning letter from the New York exchange about a missing form 6-K relating to the period ending June 30.

The Xinjiang-based manufacturer has until March 9 to come up with plan for filing the missing form, the contents of which have not been specified.

If the NASDAQ authorities are persuaded of the efficacy of any plan submitted, they have leeway to grant until June 29 for the missing U.S. Securities and Exchange Commission form to be submitted.

Required updates

With foreign companies exempted from the requirement imposed upon U.S. businesses to file form 10-Q quarterly trading updates or form 8-K updates on significant events affecting their business, form 6-K provides such companies with the ability to publish information that must be made publicly available in their domestic territories in between their required form 10-K annual reports.

The commonest use of form 6-K is to inform investors of significant increases or decreases in the amount of shares issued in the company and in levels of indebtedness or to publish the result of shareholder votes.

But form 6-K can also be used to publicize changes in business; management or control; accountants; financial conditions and operations; and securities; as well as the acquisition or disposal of assets; bankruptcy and receivership; material legal proceedings; defaults; transactions with directors, officers or leading shareholders; share options or payments to directors and officers; or any other information of material importance to shareholders.