Evergreen Solar Faces Delisting
Marlborough-based Evergreen Solar Inc. faces delisting from the Nasdaq Capital Market in six months if the company cannot increase its share price and market value, according to a disclosure filed today with the Securities and Exchange Commission.
The solar wafer manufacturer's common stock price fell below $1 per share and its market value dipped below a required minimum of $35 million, promoting two deficiency notices from the Nasdaq on July 5.
The company's stock will be delisted if it cannot bring its bid price and market value above minimum Nasdaq standards within a grace period of 180 days.
A delisting would likely lead to bankruptcy, the filing states, as Evergreen is "almost certain" to be unable to repurchase shares. The company has said it is pursuing a restructuring of its existing debt in an effort to supply its solar wafers to solar panel manufacturers.
The company announced in February that it would shutter its manufacturing plant in Devens in the face of intense competition from Chinese solar companies.
The company was delisted from the Nasdaq Global Market late last year, at which point its shares started trading on the Nasdaq Capital Market.
WBJ Web Partners
Most Recent
Most Recent
0 Comments