Evergreen warned it may be delisted
Evergreen Solar Inc. is in danger of being delisted by the Nasdaq Stock Market. For the past 30 days, shares of the Marlborough company, which makes solar panels, have traded below Nasdaq’s $1 minimum. That prompted a “deficiency letter’’ to be sent to the company, which also has a factory in Devens.
The stock dropped below $1 on May 19 and has steadily decreased. Yesterday, it closed at 69.8 cents, up from 67 cents on Wednesday.
Evergreen has six months, or until Dec. 28, to get the price above the minimum. Its stock must then trade at $1 or more for at least 10 business days. If that does not happen, the company will get a notice that it could be removed from the Nasdaq, but will have a chance to ask for more time.
Meanwhile, Evergreen’s board of directors is trying to increase the company’s share price through a “reverse stock split,’’ offering investors one new share for every six, but that move must be approved by shareholders.