Sky Solar Receives Continued Listing Standards Notice From The Nasdaq Stock Exchange
October 05 2018 - 4:15PM
Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or “the
Company”), a global developer, owner and operator of solar parks,
today announced that on September 18, 2018, it received notice from
the Nasdaq Stock Exchange ("Nasdaq") that the Company did not meet
the Nasdaq's price criteria for continued listing standard because
the average closing price of the Company's American Depositary
Shares, or ADSs, was less than $1.00 per ADS over a consecutive
30-trading-day period.
Under Nasdaq’s listing rules, the Company has six months
following receipt of the notification to regain compliance with the
minimum share price requirement. The Company can regain compliance
at any time during the 180-day cure period if the Company's ADSs
have a closing bid price of at least $1.00 for a minimum of ten
consecutive business days.
The Company's ADSs will continue to be listed and traded on
Nasdaq, subject to compliance with other Nasdaq’s continued listing
standards and oversight by Nasdaq. Sky Solar is currently in
compliance with all other Nasdaq’s quantitative continued listing
standards. The Nasdaq notification does not affect the Company's
business operations or its Securities and Exchange Commission
reporting requirements.
About Sky Solar Holdings, Ltd. Sky Solar is a
global independent power producer (“IPP”) that develops, owns, and
operates solar parks and generates revenue primarily by selling
electricity. Since its inception, Sky Solar has focused on the
downstream solar market and has developed projects in Asia, South
America, Europe, North America and Africa. The Company’s broad
geographic reach and established presence across key solar markets
are significant differentiators that provide global opportunities
and mitigate country-specific risks. Sky Solar aims to establish
operations in select geographies with highly attractive solar
radiation, regulatory environments, power pricing, land
availability, financial access and overall power market trends. As
a result of its focus on the downstream photovoltaic segment, Sky
Solar is technology agnostic and is able to customize its solar
parks based on local environmental and regulatory requirements.
Safe-Harbor StatementThis press release
contains forward-looking statements. These statements constitute
“forward-looking” statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Among other things,
the quotations from management in this press release and the
Company’s operations and business outlook contain forward-looking
statements. Such statements involve certain risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. These risks and uncertainties
include, but are not limited to the following: the reduction,
modification or elimination of government subsidies and economic
incentives; global and local risks related to economic, regulatory,
social and political uncertainties; resources we may need to
familiarize ourselves with the regulatory regimes, business
practices, governmental requirements and industry conditions as we
enter into new markets; our ability to successfully implement our
on-going strategic review to unlock shareholder value; global
liquidity and the availability of additional funding options; the
delay between making significant upfront investments in the
Company’s solar parks and receiving revenue; expansion of the
Company’s business in the U.S. and into China; risk associated with
the Company’s limited operating history, especially with
large-scale IPP solar parks; risk associated with development or
acquisition of additional attractive IPP solar parks to grow the
Company’s project portfolio; and competition. Further information
regarding these and other risks is included in Sky Solar’s filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F. Except as required by law, the Company
does not undertake any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For investor and media inquiries, please
contact:
Sky Solar:IR@skysolarholdings.com
SKYS Investor Relations:
The Blueshirt GroupUS or MandarinRalph Fong+1 (415)
489-2195ralph@blueshirtgroup.com
ChinaGary Dvorchak, CFA+86 (138)
1079-1480gary@blueshirtgroup.com
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