Tuesday, November 19, 2013

"Suntech to Appeal NYSE Determinations" $STPFQ

Press release

WUXI, China, Nov. 19, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (STPFQ) (the "Company" or "Suntech") today announced that it intends to appeal the decision of NYSE Regulation, Inc. ("NYSE Regulation") to commence delisting proceedings of the Company's American Depositary Shares (ADRs). The Company received a letter from NYSE Regulation on November 6, 2013 stating that Suntech's ADRs would be suspended from trading due to uncertainties about the Company's ability to complete its Form 20-F for the fiscal year ended December 31, 2012 within the time frames required by the NYSE in light of uncertainty around the Company's and its significant subsidiary's ongoing restructuring and the fact that the Company is also in the process of restating its previously issued December 31, 2010 and 2011 financial statements.

Trading of the Company's American Depositary Shares had been suspended by NYSE Regulation prior to the opening on Monday, November 11, 2013. Since such suspension, quotations of the Company's American Depositary Shares have been available on the OTC market under the symbol "STPFQ".

The Company believes a Committee of the Board of Directors of the NYSE will make a final determination as to the Company's American Depositary Shares by early 2014.
Is anyone aware of an instance where the NYSE reversed a delisting decision on appeal?

10 comments:

Anonymous said...

http://www.prnewswire.com/news-releases/cleantech-innovations-inc-announces-sec-decision-setting-aside-2011-nasdaq-delisting-of-cleantech-common-stock-217376641.html

NASDAQ not NYSE but there may have been a couple more China reverse mergers from a few years ago that won an appeal.

Rob the Gaijin said...

Of course, the real question is have any delistings been reversed after the company in question admitted in court papers in insolvency proceedings that they are "insolvent" and that unsecured liquidation recoveries are likely to be zero?

Opium War said...

The SEC determined that CleanTech Innovations had not intentionally withheld crucial information from Nasdaq. “[T]he record does not show that the specific grounds on which Nasdaq based its delisting decision exist in fact,” concluded the SEC. “[A]nd the considerable discretion afforded to Nasdaq therefore does not permit its delisting decision.” The July 11 ruling ended a listing dispute that had started three years ago. This the first time the SEC has reversed a Nasdaq decision in recent memory.

http://www.forbes.com/sites/davidyin/2013/08/02/in-rare-move-sec-reverses-nasdaqs-delisting-of-chinese-company/?partner=yahootix

Anonymous said...

I really hope stpfq releases its insolvent financial statements as part of the appeal process.

Anonymous said...

According to NYSE rules they can't keep the listing. Bankrupt companies can keep their listing only if they are profitable and cash flow positive.

Anonymous said...

STPFQ knows the delisting rules - why are they appealing. Does not make sense. Any suggestions...

Anonymous said...

Why not appeal? What can they lose?

Continue to string stock and bond holders along..

MrGotham said...

I'd guess the logic is that it is easier to restore a listing rather than qualify as a new co, and Wuxi still has this fantasy that a reliquified Holdco is going to end up solvent and back on the NYSE.

I suspect they are about to learn a few lessons in BK court, but we'll have to wait and see on that.

Anonymous said...

Does anyone know any banks who do debt-for-equity swaps or rights offerings for otc stocks?

There's your answer as to why stpfq is trying to get relisted on nyse.

The JPLs might file for chpt 11 soon...... and we'll likely find out about it after-hours or on a non-trading day.

Anonymous said...

STP has gone, the next is LDK