Shiner International Received NASDAQ Notification Regarding Delisting Determination
Shiner International, Inc. (NASDAQ: BEST) ("Shiner" or the "Company"), an emerging global supplier of packaging solutions for food, tobacco, and consumer products, announced today that it received a notification letter from The NASDAQ Stock Market LLC on August 28, 2012 informing the Company of its decision to delist the Company from the Nasdaq Stock Market. The letter stated that unless the Company requests an appeal of the determination to delist the Company, trading of the Company's common stock will be suspended at the opening of business on September 6, 2012, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on the Nasdaq Stock Market.
The August 28 letter was the third letter that the Company received from Nasdaq with regard to the Company's failure to meet Nasdaq's continued listing requirement to maintain the close bid price of its common stock at $1.00 per share.
Previously, on September 1, 2011, Nasdaq notified the Company that for 30 consecutive business days the bid price of the Company's common stock had closed below $1.00 per share, the minimum closing bid price required by the continued