China Technology Dev (CTDC) Gets Noncompliance Letter from Nasdaq
China Technology Development Group Corporation (Nasdaq: CTDC) has received a notice from The NASDAQ Stock Market stating that the closing bid price of the Company's common stock was below $1.00 per share for 30 consecutive business days and that, as a result, the Company no longer meets The NASDAQ Capital Market's minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2).
The notice of noncompliance has no immediate effect on the listing or trading of the Company's common stock on The NASDAQ Capital Market. Under the Listing Rules, the Company has 180 calendar days, or until May 29, 2012, to regain compliance. If at any time before May 29, 2012 the closing bid price of the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, the Company will regain compliance with the minimum bid price requirement and the matter will be closed. In the event the Company does not regain compliance by May 29, 2012, the Company may be eligible for an additional 180 calendar day grace period, provided that the Company meets all initial listing standards for The NASDAQ Capital Market other than the minimum bid price requirement.
The Company intends to actively monitor the bid price for its common stock and will consider available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement.
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The notice of noncompliance has no immediate effect on the listing or trading of the Company's common stock on The NASDAQ Capital Market. Under the Listing Rules, the Company has 180 calendar days, or until May 29, 2012, to regain compliance. If at any time before May 29, 2012 the closing bid price of the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, the Company will regain compliance with the minimum bid price requirement and the matter will be closed. In the event the Company does not regain compliance by May 29, 2012, the Company may be eligible for an additional 180 calendar day grace period, provided that the Company meets all initial listing standards for The NASDAQ Capital Market other than the minimum bid price requirement.
The Company intends to actively monitor the bid price for its common stock and will consider available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement.
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