Ossen (OSN) Receives Listing Noncompliance Letter from Nasdaq
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Ossen Innovation Co., Ltd. (Nasdaq: OSN), has received a letter from The Nasdaq Stock Market stating that for the previous 30 consecutive business days, the bid price of the Company's stock closed below the minimum bid price of $1.00 per share for continued listing on the Nasdaq Global Market pursuant to Nasdaq Marketplace Rule 5450(a)(1).
In order to regain compliance, the Company has until June 26, 2012 for the closing bid price of its American Depositary Shares to meet or exceed $1 for a minimum of ten consecutive business days. If the Company has not regained compliance by the expiration of the initial 180 calendar days, NASDAQ will then provide written notification to the Company that its American Depositary Shares are subject to delisting. If at any time during this 180-day period the closing bid price is at least $1 for a minimum of 10 consecutive days, NASDAQ will provide written confirmation of compliance and matter will be closed.
If the Company does not regain compliance with the Rule during this 180-day period, the Company may be eligible for an additional 180 calendar days to regain compliance if it meets all other initial listing standards, with the exception of the bid price. To qualify for the second compliance period, Ossen must apply to transfer its American Depositary Shares to The NASDAQ Capital Market and provide written notice to NASDAQ of its intent to cure this deficiency during the second compliance period.
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In order to regain compliance, the Company has until June 26, 2012 for the closing bid price of its American Depositary Shares to meet or exceed $1 for a minimum of ten consecutive business days. If the Company has not regained compliance by the expiration of the initial 180 calendar days, NASDAQ will then provide written notification to the Company that its American Depositary Shares are subject to delisting. If at any time during this 180-day period the closing bid price is at least $1 for a minimum of 10 consecutive days, NASDAQ will provide written confirmation of compliance and matter will be closed.
If the Company does not regain compliance with the Rule during this 180-day period, the Company may be eligible for an additional 180 calendar days to regain compliance if it meets all other initial listing standards, with the exception of the bid price. To qualify for the second compliance period, Ossen must apply to transfer its American Depositary Shares to The NASDAQ Capital Market and provide written notice to NASDAQ of its intent to cure this deficiency during the second compliance period.
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