SHANGHAI, April 13,
2022 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ)
("Daqo New Energy," the "Company" or "we"), a leading manufacturer
of high-purity polysilicon for the global solar PV industry, today
announced that the Company is aware of the fact that it was
identified by the United States Securities and Exchange Commission
(the "SEC") under the Holding Foreign Companies Accountable Act of
the United States (the "HFCAA") on
April 12, 2022. Such identification
may have resulted from the Company's filing of the annual report on
Form 20-F for the fiscal year ended December
31, 2021.
The Company understands the SEC made such identification
pursuant to the HFCAA and its implementation rules issued
thereunder, and the identification indicates that the SEC
determines that the Company used an auditor, whose working paper
cannot be inspected or investigated completely by the PCAOB, to
issue the audit opinion for its financial statements for the fiscal
year ended December 31, 2021.
In accordance with the HFCAA, a company will be delisted from a
U.S. stock exchange if such company has been identified by the SEC
for three consecutive years due to the PCAOB's inability to inspect
the auditor's working paper related to such company. Under the
current terms of the HFCAA, the Company's American depositary
shares will be delisted from the NYSE in early 2024, unless the Act
is amended to exclude the Company or the PCAOB is able to conduct a
full inspection of the Company's auditor during the required
timeframe.
The Company has been actively exploring possible solutions to
best protect the interest of its stakeholders. The Company will
continue to comply with applicable laws and regulations in both
China and the United States.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2007, the Company manufactures and
sells high-purity polysilicon to photovoltaic product manufactures,
who further process the polysilicon into ingots, wafers, cells and
modules for solar power solutions. The Company has a total
polysilicon nameplate capacity of 105,000 metric tons and is one of
the world's lowest cost producers of high-purity polysilicon.
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Investor Relations
Email: dqir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
rvanguestaine@christensenir.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@Christensenir.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "might," "guidance" and similar
statements. The Company may also make written or oral
forward-looking statements in its reports filed or furnished to the
U.S. Securities and Exchange Commission, in its annual reports to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, all of which are difficult or
impossible to predict accurately and many of which are beyond the
Company's control. A number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement, including but not limited to the following: the demand
for photovoltaic products and the development of photovoltaic
technologies; global supply and demand for polysilicon; alternative
technologies in cell manufacturing; the Company's ability to
significantly expand its polysilicon production capacity and
output; the reduction in or elimination of government subsidies and
economic incentives for solar energy applications; the Company's
ability to lower its production costs; changes in the political and
regulatory environment; and the duration of COVID-19 outbreaks in
China and many other countries and
the impact of the outbreaks and the quarantines and travel
restrictions instituted by relevant governments on economic and
market conditions, including potentially weaker global demand for
solar PV installations that could adversely affect the Company's
business and financial performance. Further information regarding
these and other risks is included in the reports or documents the
Company has filed with, or furnished to, the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date hereof, and the Company undertakes no duty to
update such information or any forward-looking statement, except as
required under applicable law.
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SOURCE Daqo New Energy Corp.