RiT Technologies Reports Receipt of Two NASDAQ Staff Deficiency Letters

RiT Technologies (NASDAQ: RITT) said it has received a NASDAQ staff deficiency letter, stating that the company fails to comply with the requirement to maintain a minimum bid price of USD1 per its shares.

The letter states that based upon the closing bid price of the company´s securities for the last 30 consecutive business days, the company no longer meets the foregoing continued listing requirement. However, under NASDAQ Rules, the company was provided with a compliance period of 180 calendar days in which to regain compliance (during said compliance period, the company´s securities will continue to be listed and traded on NASDAQ, subject to applicable NASDAQ rules).

The company has also received an additional (second) NASDAQ staff deficiency letter stating that the company fails to comply with the requirement to maintain a minimum Market Value of Publicly Held Shares (MVPHS) of USD1,000,000.

This Letter states that based upon review of the company´s MVPHS for the last 30 consecutive business days, the company no longer meets the foregoing continued listing requirement. However, under NASDAQ Rules the company was provided with a compliance period of 180 calendar days in which to regain compliance (during said compliance period, the company´s securities will continue to be listed and traded on NASDAQ, subject to applicable NASDAQ rules).

RiT Technologies (NASDAQ: RITT) provides converged IT infrastructure management and connectivity solutions. RiT offers a platform that provides a unified way to manage converged systems and services to improve network utilization, streamline infrastructure operations, reduce network operation cost, optimize future investments and enhance data security.