China Information Technology Receives NASDAQ Noncompliance Notice
China Information Technology (Nasdaq: CNIT) today announced that the Company has received a staff deficiency notice from The NASDAQ Stock Market informing the Company that its common stock has not met the $1.00 minimum bid price requirement for continued listing on The NASDAQ Global Market under NASDAQ Listing Rule 5450(a)(1). The Company did not meet NASDAQ's minimum bid price requirement because the closing bid price for its common stock for each trading day in the 30-business day period from November 9, 2011 to December 22, 2011 was less than $1.00 per share.
The notification letter stated that CNIT will receive 180 calendar days, or until June 20, 2012, to regain compliance with the NASDAQ listing requirements. During this compliance period, the closing bid price for CNIT's common stock must be at least $1.00 for a minimum of ten consecutive business days for the Company to regain compliance. In the event that the Company does not regain compliance within this period, it may be eligible for additional time to regain compliance by filing a listing application to transfer its common stock to the NASDAQ Capital Market and satisfying certain other requirements. The notification letter has no effect at this time on the listing of the Company's common stock on the Nasdaq Global Market. The Company's common stock will continue to trade on the Nasdaq Global Market under the symbol "CNIT".
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