China Information Technology, Inc. (NASDAQ: CNIT) said it has received written notice from the Nasdaq Stock Market stating that the company is no longer in compliance with the USD1.00 minimum closing bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Select Market.
The notice has no immediate effect on the listing of CNIT´s ordinary shares, which will continue to trade on The Nasdaq Global Select Market under the symbol “CNIT” at this time.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the company has a grace period of 180 calendar days, or until May 23, 2016, to regain compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of the company´s ordinary shares must meet or exceed USD1.00 per share for at least ten consecutive business days during this 180-day compliance period.
In the event the company does not regain compliance with the minimum closing bid price requirement by May 23, 2016, Nasdaq may provide the company an additional 180-day period to regain compliance, subject to the company, at that time, transferring its securities to The Nasdaq Capital Market and satisfying certain other requirements.
However, if Nasdaq determines that the company will not be able to cure the deficiency, or should the company determine not to submit a transfer application or make the required representation, Nasdaq will notify the company that its securities will be subject to delisting.
The company said it will actively monitor the closing bid price of its ordinary shares between now and May 23, 2016 and intends to consider the various options available to regain compliance.
China Information Technology is a leading Internet service company that makes advertising accessible and affordable for businesses of all sizes.