From the Wires
LDK Solar Received a Continued Listing Standards Notice From New York Stock Exchange
Nov. 16, 2012 03:10 AM
XINYU CITY, China and SUNNYVALE, Calif., Nov. 16, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar" or the "Company") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today announced that it has received a notice from the New York Stock Exchange (the "NYSE") that the Company did not meet one of the NYSE's continued listing standards as the average closing price of the Company's American depositary shares (the "ADSs") was $0.99, less than $1.00, per ADS over a consecutive 30-trading-day period as of November 5, 2012.
Under the NYSE rules, LDK Solar must bring its average ADS closing price above $1.00 within the longer of six months of receipt of the NYSE's notification or its next annual meeting of shareholders if a shareholders' action is proposed.
The Company has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe. During this cure period, the Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards. If the Company fails to become compliant with the continued listing standards within the applicable timeframe, its ADSs may be delisted by the NYSE. The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement
This press release contains 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 fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
For more information contact:
The Blueshirt Group for LDK Solar
Executive VP and CFO
LDK Solar Co., Ltd.
SOURCE LDK Solar Co., Ltd.