Cleantech Solutions International, a manufacturer of metal components and assemblies for the wind power industry as well as solar and other industries, announced that its common stock is trading on Nasdaq Capital Market, effective December 29, 2011.
The company has made the request to transfer to The Nasdaq Capital Market from The Nasdaq Global Market. The change does not affect the company's trading symbol, “CLNT.”
Cleantech Solutions International made the request since the company did not meet the minimum market value of publicly traded shares requirement of $5,000,000 on The Nasdaq Global Market. The company meets the minimum market value of publicly traded shares for The Nasdaq Capital Market, according to a press statement.
The company also announced that its board of director approved a one-for-ten reverse split of its common stock and a reduction in the number of authorized shares of common stock from 150,000,000 to 50,000,000 and preferred stock from 60,000,000 to 30,000,000.
The reverse split and change in authorized capital stock will be submitted to the Company's stockholders at a special meeting of stockholders, which it expects to be held in February 2012. The one-for-ten reverse split supersedes a previously approved one-for-five reverse split.
Recently, Cleantech Solutions International announced that the company was awarded three purchase orders to supply generator shafts for an aggregate amount of RMB 22.7 million (approximately $3.5 million) to Nanjing Turbine & Electric Machinery Changfeng Alternative Energy.
Under the terms of the order, Cleantech Solutions will deliver a total of 1,727 units of generator shafts, amounting to total revenue of RMB 22.7 million (approximately $3.5 million) by May 2012, which are deliverable in accordance with a schedule.
The schedule stated that the company would deliver the first 77 units, for total of approximately $156,000 by July 2011, an additional 500 units for approximately $1.0 million by December 2011 and the remaining 1,150 units, for total of approximately $2.3 million, by May 2012, company officials said.Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.
Edited by Jennifer Russell