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Evergreen Solar Inc. has received a stock delisting warning from the Nasdaq Stock Market, giving the company until late December to get its share price above $1.
The Marlborough-based company (Nasdaq: ESLR) said in a filing with the U.S. Securities and Exchange Commission that it received a deficiency letter from Nasdaq on July 1, based on the closing price of the company’s common stock for the previous 30 business days. The stock closed at 70 cents on Thursday.
Evergreen, a manufacturer of solar panels and modules, has until Dec. 28 to regain compliance with Nasdaq’s minimum bid price rule, the company said in its filing. The price must close at $1 per share for a minimum of 10 consecutive business days to gain compliance.
One option the company’s board of directors is putting forward is a one-for-six reverse stock split. The move would increase the share price and reduce the authorized shares of Evergreen’s common stock from 450 million to 120 million, according to the company.
Stockholders will be asked to approve the reverse stock split during the annual meeting July 27.
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