ReneSola regains NYSE listing compliance

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Its American Depositary Shares (ADS) closed at $2.92 on March 1.

In early November, the NYSE warned ReneSola that it was in danger of being de-listed, as its ADS had fallen below the minimum average closing price of $1.00 per share.

It was given six months to regain NYSE listing compliance.

The company — based in Jiashan, in China’s Zhejiang province — regained NYSE compliance by changing the number of its shares represented by each ADS from two shares to 10, according to an online statement.

That ratio change went into effect on February 10, from which point the company’s ADS remained above the average closing price threshold of $1.00.

In February, the market regulator told Chinese PV module supplier Yingli — a key competitor of ReneSola — that it had 90 days to regain compliance with the NYSE’s minimum requirement that its average market capitalization remained above $50 million for more than 30 straight trading days.

In early January, ReneSola revealed plans to provide EPC services for 335 MW of rooftop PV capacity that Beijing Enterprises Clean Energy (BECE) is financing the development of in the Chinese provinces of Hebei, Shandong, Fujian, Shanxi and Jiangsu. The projects will be completed by the end of June.

In February, it announced plans to provide PV modules and EPC services for 32 MW of commercial and industrial rooftop projects under development in China’s Shandong, Anhui and Zhejiang provinces.