Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

China

China

A-Power receives Nasdaq delisting threat

UNITED STATES: China-based A-Power Energy Systems has received a notice of noncompliance from the Nasdaq Stock Exchange.

It comes as the troubled company is being investigated by the US Securities and Exchange Commission, which regulates listed companies. On 27 June, financial trading in A-Power’s stock was halted on the Nasdaq.

Nasdaq’s decision stems from the the resignation of the company’s independent auditor MSCM LLP. The auditor said A-Power had not retained an independent forensic accounting team as it required.

Unless A-Power requests a hearing by tomorrow it will be delisted from the exchange.

In June, A-Power announced that Shenyang Power Group Company, of which it owns 19.5%, had subcontracted part of the controversial planned 615MW Spinning Star wind farm in Texas to China Machinery Engineering Corp.  

A-Power said that both firms were to form a partnershipt to raise $260 million in debt financing in China for Spinning Star.

More details of the partnership, which was to have been hammered out in May 2011, were not released.


Subscribe to daily email bulletin Windpower Daily

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Latest Jobs