Sky Solar Receives Determination from Nasdaq

09/23/19

 
                                    
    
  

               


HONG KONG, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Sky Solar Holdings, Ltd. (NASDAQ: SKYS) ("Sky Solar" or the "Company"), a global developer, owner and operator of solar parks, announced today that on September 19, 2019, it received a letter from Nasdaq setting forth a determination to delist the Company's ADSs from The Nasdaq Capital Market (the "Determination") as a result of the Company's inability to regain compliance with the minimum bid price continued listing requirement under Nasdaq Listing Rule 5550(a)(2) within the time previously allotted by the Nasdaq staff (the "Staff"). The Determination stated that the Company's ADSs will be delisted from the Nasdaq Capital Market and that trading of the Company's ADSs will be suspended at the opening of business on September 30, 2019, unless the Company requests an appeal of the Determination.


The Company intends to appeal this Determination by requesting a hearing before a hearings panel of Nasdaq (the "Panel"). A hearing request will stay the delisting of the Company's ADSs pending the Panel’s decision. The hearing date will be determined by the Staff following the hearing request submission date. The Company plans to address the ongoing non-compliance matters before the Panel. There can be no assurance that, following the hearing, the Panel will grant the Company's request for additional time to regain compliance with the Nasdaq continued listing requirements. If the Panel does not grant the Company's request for additional time, the Company's ADSs will be subject to delisting. If the Company's ADSs are delisted from Nasdaq, they may be eligible to continue to be quoted on the OTC Bulletin Board or in the “pink sheets.” Many over-the-counter ADSs trade less frequently and in smaller volumes than ADSs traded on the Nasdaq markets, which would likely have a material adverse effect on the liquidity and value of the Company's ADSs.



                
     
    
  

                

                
    
  

                

                

                

                

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