China BAK Battery Regains Compliance with NASDAQ Minimum Bid Price Requirement
China BAK Battery (NASDAQ: CBAK) today announced that the Company has received a letter from the NASDAQ Listing Qualifications department notifying the Company that it has regained compliance with the minimum bid price requirement for continued listing set forth in NASDAQ Listing Rule 5450(a)(1), as its common stock has achieved a closing bid price of $1.00 or more for 10 consecutive business days.
On May 25, 2012, the NASDAQ Stock Market staff (the "NASDAQ Staff") notified the Company that its common stock was not in compliance with one of the standards for continued listing on the NASDAQ Global Market because the closing bid price of its common stock had fallen below $1.00 for 30 consecutive business days. The NASDAQ Staff also notified the Company that it had been granted a grace period of 180 calendar days, or until November 21, 2012, to regain compliance.
In a letter dated November 13, 2012, the NASDAQ Staff informed the Company that it had determined that the closing bid price of China BAK's common stock had been at $1.00 per share or greater for