NANJING, China, March 20,
2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN)
("China Sunergy" or "the Company"), a specialized solar cell and
module manufacturer, today announced that it had received a letter
from the Listing Qualifications Department of the NASDAQ Stock
Market, on March 10, 2015 (the
"Letter"), informing the Company that it has regained compliance
with the continued listing requirements under NASDAQ listing Rule
5250(c)(2) and 5450(b)(2)(C).
On January 7, 2015, the Company
received a letter from NASDAQ, indicating that, the Company failed
to file on Form 6-K, an interim balance sheet and income for the
period ended June 30, 2014, as
required by Listing Rule 5250(c)(2). Additionally, on January 22,
2015, Nasdaq Staff notified the Company that it no longer met the
minimum market value of publicly held shares ("MVPHS") of
$15,000,000 for continued listing on the Nasdaq Global Market
pursuant to the Listing Rule 5450(b)(2)(C).
However, on March 3, 2015, the
Company filed its second quarter interim financials on Form 6-K for
the period ended June 30, 2014.
Furthermore, for ten consecutive trading days, from February 12, 2015 to March
9, 2015, the Company's MVPHS has been $15,000,000 or greater. Accordingly, the Company
has regained compliance with the Listing Rules and these matters
are now closed.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ:CSUN) designs, manufactures and
delivers high efficiency solar cells and modules to the world from
its production centers based in China and Turkey. China Sunergy also invests in high
potential solar projects. Founded in 2004, China Sunergy is well
known for its advanced solar cell technology, reliable product
quality, and excellent customer service.
For more information, please visit http://www.csun-solar.com
.
Investor and Media Contacts:
China Sunergy Co., Ltd.
Wang
Zhuo
Phone: + 86 25 5276 6696
Email: IR@chinasunergy.com
Asia Bridge Group Limited
Wendy Sun
Phone: + 86 10 8556 9033
Email: wendy.sun@asiabridgegroup.com
Safe Harbor Statement
This announcement may contain forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical facts in this announcement are forward-looking
statements. These forward-looking statements are based on current
expectations, assumptions, estimates and projections about the
Company and the industry, and involve known and unknown risks and
uncertainties, including but not limited to, the Company's failure
to maintain its listing qualification due to, among other things,
volatility in the Company's ADS price; the Company's ability to
raise additional capital or renew existing bank borrowings as they
become due to finance the Company's activities; the Company's
customers' financial condition and creditworthiness, and their
ability to settle accounts receivables; the effectiveness,
profitability, and the marketability of its products; litigations
and other legal proceedings, including any decisions by the US
International Trade Committee and Department of Commerce on the
petitions filed; the economic slowdown in China and elsewhere and its impact on the
Company's operations; demand for and selling prices of the
Company's products, execution of our strategy to expand into
downstream solar power businesses, the future trading of the common
stock of the Company; the ability of the Company to operate as a
public company; the period of time for which its current liquidity
will enable the Company to fund its operations; the Company's
ability to protect its proprietary information; general economic
and business conditions; the volatility of the Company's operating
results and financial condition; the Company's ability to attract
or retain qualified senior management personnel and research and
development staff; future shortage or availability of the supply of
raw materials; impact on cost-competitiveness as a result of
entering into long-term arrangements with raw material suppliers
and other risks detailed in the Company's filings with the
Securities and Exchange Commission. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward
looking statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
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SOURCE China Sunergy Co., Ltd.