Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT), a manufacturer of metal components and assemblies, primarily for the wind power industry as well as solar and other industries, today announced that its common stock is trading on The Nasdaq Capital Market, effective December 29, 2011. The common stock had been traded on The Nasdaq Global Market to the Nasdaq Capital Market. The trading of the Company's common stock on the Nasdaq Capital Market effective on December 29, 2011. The change does not effect the Company' trading symbol, "CLNT."
The transfer to The Nasdaq Capital Market was made at the request of the Company 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.
The Company's board of director approved, subject to stockholder approval, 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.
