Nasdaq dropping Evergreen Solar
Evergreen Solar Inc., which filed for bankruptcy earlier this week, will be delisted from the Nasdaq stock exchange, the Marlborough company said yesterday in a regulatory filing.
The company’s stock price hasn’t met the Nasdaq’s $1 minimum trading price since mid-May, and it will be dropped from the exchange as of Aug. 24. Yesterday, Evergreen’s stock closed at just under 16.5 cents per share.
Nasdaq had earlier warned Evergreen that it could be kicked off the exchange unless it raised its shares’ value. In the filing, Evergreen said it will not fight the delisting. An Evergreen spokesman could not be reached for comment.
The company, which makes components used in solar panels, has struggled in recent years against competitors in China, whose cheaper products forced solar panel prices to drop faster than Evergreen could respond. Earlier this year, the company shuttered its manufacturing facility in Devens, laying off hundreds of workers.