LDK Solar Co., Ltd.("LDK Solar" or the “Company”) (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, 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.