China Auto Logistics Receives Nasdaq Letter Regarding Non-Compliance With Minimum Bid Price Rule; Will Consider All Options to Maintain Listing
China Auto Logistics Inc. (NASDAQ: CALI) reported today it received a letter from the Nasdaq Stock Market stating that for 30 consecutive business days prior to May 15, 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 "Minimum Bid Price Rule").
The Nasdaq letter has no immediate effect on the listing of the Company's common stock. In accordance with Nasdaq Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until November 12, 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 November 12, 2012.
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