Guanwei Recycling Corp. Receives Nasdaq Letter Regarding Non-Compliance With Minimum Bid Price Rule
Guanwei Recycling Corp. (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene , reported today it received a letter from the Nasdaq Stock Market stating that for the previous 30 consecutive business days, prior to January 25, 2012, the bid price of the Company's common stock closed below the minimum $1.00 per share requirement for continued inclusion on Nasdaq pursuant to Nasdaq Marketplace Rule 5450(a)(1).
The Nasdaq letter has no immediate effect on the listing of the Company's common stock. In accordance with Nasdaq Rule 581010(c)(3)(A), the Company will be provided 180 calendar days, or until July 23, 2012, to regain compliance with the Minimum Bid Price Rule. The Company may regain compliance with the Minimum Bid Price Rule if the bid price of the Company's Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days at any time prior to July 23, 2012.
