Kingtone Regains Nasdaq Compliance
Kingtone, 11/27/12
Xi'an-based mobile enterprise software provider Kingtone Wirelessinfo Solution Holding (Nasdaq: KONE) today announced that the Company has received a letter dated November 26, 2012 from The NASDAQ Stock Market (Nasdaq) notifying the Company that it has regained compliance with the minimum bid price of USD 1.00 per share requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), as its American Depository Share (ADS) with its underlying ordinary share has achieved a closing bid price of USD 1.00 or greater for the 10 consecutive business days from November 6, 2012 to November 23, 2012.
The Company had previously announced that on December 19, 2011, NASDAQ notified the Company that the Company's security failed to maintain a minimum closing bid price of USD 1.00 per share (Minimum Bid Price Requirement) over the previous 30 consecutive business days as required by NASDAQ Listing Rule 5550(a)(2). The Company was provided 180 calendar days to regain compliance. In a letter dated June 20, 2012, NASDAQ notified the Company that it was eligible for an additional 180-day period, or until December 17, 2012, to regain compliance with the Minimum Bid Price Requirement. To maintain the continued listing of the ADSs on NASDAQ, the Company approved a combination, or reverse split, of the ordinary shares issued by the Company at a ratio of 1 for 10, effective November 6, 2012.
Editor's Note: For more background on this topic, please see "Kingtone Granted 180-Day Extension to Regain Nasdaq Compliance" MD 6/22/12 issue.
Keywords: financing Nasdaq software wireless Kingtone KONE mobile enterprise software
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