NYSE to Commence Delisting Proceedings in Yingli Green Energy (YGE)
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The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American depositary shares, each representing ten ordinary shares (the “ADSs”) of Yingli Green Energy Holding Company Limited (NYSE: YGE) -- ticker symbol YGE -- from the NYSE.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. Should the Company request a review by the Committee, the date of such review will be announced. A suspension date will be announced at such time as i) the Company does not request a review by the Committee within 10 business days of this notice; ii) the subsequent review of the Committee determines that the Company should be suspended; iii) the Company is approved to commence trading in another securities marketplace or; iv) there are other material developments.
NYSE Regulation reached this delisting determination based upon a review of the Company’s performance under its previously approved business plan to address its non-compliance with the NYSE’s continued listing standards. The Company had fallen below the standard in Section 802.01B of the NYSE Listed Company Manual as its average global market capitalization over a consecutive 30 trading day period was less than $50,000,000 and its stockholders’ equity was less than $50,000,000.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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