China Sunergy (CSUN), a Chinese producer of solar cells, has received a letter today announcing its delisting from the NASDAQ Stock Exchange for its failure to "regain compliance" after more than six months of running a minimum share value below $15 million.
The company was warned last September that it faced the threat of de-listing if its share value remained below $15 million for six months, and despite efforts by the firm to bring its value above the threshold, these attempts have proven unsuccessful.
As a result, CSUNs securities have been delisted from the NASDAQ, and unless the firm requests an appeal then trading of the companys American Depository Shares will be suspended as of March 14.
Further warnings were previously issued to CSUN over the continuous delays of its financial reporting. Its Q2 2015 results were published in late November, and revealed a $10.3 million loss and falling shipments quarter-over-quarter, and year-on-year.
CSUNs Q3 results did reveal a slight upturn in fortune, with the company posting a 27% quarter-over-quarter growth in revenue, and a 67.4% surge in shipments. However, the bulk of this demand arrived from its domestic Chinese market, and thus were not enough to propel the firms value above $15 million.
In November the company opened a cell manufacturing facility in Korea with the goal of enhancing its global supply chain, with one eye on growing into the Eastern Asia market and circumventing the anti-dumping and minimum import price (MIP) tariffs applied on solar cells and modules originating from China by the U.S. and EU respectively.