$SOL ReneSola may sell PV manufacturing operations to regain NYSE compliance
ReneSola (SOL +0.8%) says it has been told for the second time in less than a year that it has fallen below NYSE listing criteria, as its average market cap has remained below $50M for 30 consecutive trading days.
In an attempt to regain compliance, SOL says it entered into a term sheet Chairman and CEO Xianshou Li for a potential disposition of the company's photovoltaic production operations and its LED distribution businesses.
According to the term sheet, ~$573M in debt could be wiped off SOL’s books by selling off parts of its upstream manufacturing operations.
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