Linktone Ltd. (LTON) Receives Listing Noncompliance Letter from Nasdaq
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Linktone Ltd. (Nasdaq: LTON), has received a letter from The Nasdaq Stock Market indicating that based on the Company's closing bid price for the last 30 consecutive business days, the Company does not meet the $1.00 minimum bid price requirement as set forth in Nasdaq Marketplace Rule 5450(a)(1) (the "Minimum Bid Price Rule"). The Nasdaq letter has no immediate effect on the listing of Linktone's American depositary shares (ADSs) at this time.
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), Linktone has been provided a grace period of 180 calendar days, or until March 13, 2012, to regain compliance by maintaining a minimum closing bid price of $1.00 per share for 10 consecutive business days. If at any time before March 13, 2012, the bid price of the Company's ADSs closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the Minimum Bid Price Rule.
If the Company does not regain compliance with the Minimum Bid Price Rule by March 13, 2012, Nasdaq will notify the Company that its ADSs will be delisted from The Nasdaq Global Market. In the event the Company receives notice that its ADSs are being delisted from The Nasdaq Global Market, Nasdaq rules permit the Company to appeal any delisting determination by the Nasdaq staff to a Nasdaq Hearings Panel. Alternatively, Nasdaq may permit the Company to transfer its ADSs to The Nasdaq Capital Market if it satisfies the requirements for initial inclusion set forth in Marketplace Rule 5505, except for the bid price requirement. If its application for transfer is approved, the Company would have an additional 180 calendar days to comply with the Minimum Bid Price Rule in order to remain on The Nasdaq Capital Market.
The Company intends to actively monitor the closing bid price of its ADSs between now and March 13, 2012 and will evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule.
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In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), Linktone has been provided a grace period of 180 calendar days, or until March 13, 2012, to regain compliance by maintaining a minimum closing bid price of $1.00 per share for 10 consecutive business days. If at any time before March 13, 2012, the bid price of the Company's ADSs closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the Minimum Bid Price Rule.
If the Company does not regain compliance with the Minimum Bid Price Rule by March 13, 2012, Nasdaq will notify the Company that its ADSs will be delisted from The Nasdaq Global Market. In the event the Company receives notice that its ADSs are being delisted from The Nasdaq Global Market, Nasdaq rules permit the Company to appeal any delisting determination by the Nasdaq staff to a Nasdaq Hearings Panel. Alternatively, Nasdaq may permit the Company to transfer its ADSs to The Nasdaq Capital Market if it satisfies the requirements for initial inclusion set forth in Marketplace Rule 5505, except for the bid price requirement. If its application for transfer is approved, the Company would have an additional 180 calendar days to comply with the Minimum Bid Price Rule in order to remain on The Nasdaq Capital Market.
The Company intends to actively monitor the closing bid price of its ADSs between now and March 13, 2012 and will evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule.
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