China-based Internet-based platforms provider China Information Technology, Inc. (Nasdaq: CNIT) has regained compliance with the minimum bid price requirement for continued listing on NASDAQ Global Select Market.
The company received a notice from the NASDAQ Stock Market on November 23, 2015, indicating that its ordinary shares failed to maintain a minimum bid price of USD 1.00 over the previous 30 consecutive business days as required by the Listing Rules of The Nasdaq Stock Market.
On December 22, 2015, the company received a letter from the NASDAQ Listing Qualifications department stating that because the company maintained the closing bid price of its ordinary shares at USD 1.00 per share or greater from November 27 to December 21, 2015, the company was determined to have regained compliance with the minimum bid price requirement.
China Information Technology makes advertising accessible and affordable for businesses of all sizes. CNIT provides cloud-based platform, exchange, and big data solutions enabling innovation and smart living in the education, health care, new media, finance and transportation sectors. Through continuous innovation, CNIT is aiming to leverage its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community.