QKL Stores Receives NASDAQ Notification of Non-Compliance With Minimum Bid Price Rule
QKL Stores (Nasdaq: QKLS), a leading regional supermarket chain in Northeastern China, today announced that on September 5, 2012, China time, it received a letter from Nasdaq Stock Market LLC ("Nasdaq"), indicating that based on the Company's closing bid price for the last 30 consecutive business days, the Company was not in compliance with the $1.00 minimum bid price requirement as set forth in Nasdaq Listing Rule 5550(a)(2). The Nasdaq notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
According to the Listing Rule 5810(c)(3)(A), the Company now has a period of 180 calendar days from such letter, or until March 4, 2013, to regain compliance. Compliance can be achieved by meeting the standard of a minimum bid price of $1 per share for a minimum of 10 consecutive business days at any time during the 180 day period. The Company is currently looking at all of the options available with respect to regaining such compliance.
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