China Information Technology, Inc.
CNIT Shares Transfer Today to Nasdaq Capital Market; Company Granted Additional 180 Day Period to Meet Minimum Bid Requirement
CNIT Shares Transfer Today to Nasdaq Capital Market; SHENZHEN, China, April 19, 2017 – China Information Technology, Inc. (Nasdaq:CNIT), a provider of cloud-app technologies for Internet-of-Things (IoT) platforms and internet-based ad and information distribution systems in China, today announced that the Nasdaq Stock Market has approved the company’s application to list its ordinary shares on the Nasdaq Capital Market. These shares, which have been trading on the Nasdaq Global Select Market, will begin trading under the same symbol, CNIT, on the Nasdaq Capital Market at the opening of business today. Additionally, Nasdaq has determined that CNIT is eligible for an additional 180 calendar day period, or until October 16, 2017, to meet Nasdaq’s minimum $1 bid price per share requirement. This determination was based on CNIT meeting all requirements for initial listing on the Capital Market with the exception of the bid price requirement, and on the company’s written notice of its intention to cure this deficiency during the additional 180-day compliance period by effecting a reverse stock split, if necessary. In order for CNIT to regain compliance, the minimum $1 bid price would need to be maintained for a minimum of 10 consecutive business days at any time during the 180-day period. Should the company elect to implement a reverse stock split, it would be required to complete this split no later than ten business days prior to October 16, 2017. If for any reason CNIT does not regain compliance by this date, Nasdaq would provide written notification that the company’s securities will be delisted. At that time, CNIT could file an appeal and a compliance plan with the Nasdaq Hearings Panel, which would have the option of granting the company an additional time period in which to regain compliance. The company, however, will consider all available options to resolve the minimum bid deficiency and regain compliance during the second compliance period. About China Information Technology, Inc. For further information, please contact:
19/04/2017 Dissemination of a Financial Press Release, transmitted by EQS Group. |