China BAK Battery Regains NASDAQ Listing Compliance for Independent Director Requirements
China BAK Battery, Inc. ("China BAK" or the "Company") (NASDAQ: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company has received a letter from the NASDAQ Listing Qualifications department, dated November 26, 2012, notifying the Company that it has regained compliance with the independent director and audit committee requirements for continued listing set forth in NASDAQ Listing Rules 5605(b)(1) and 5605(c)(2), respectively, as Ms. Martha Agee has been appointed as a member of the Company's Board of Directors, a member of each of the Audit, Compensation and Nominating and Corporate Governance Committees.
On October 11, 2012, the NASDAQ Stock Market staff notified the Company that it did not comply with the independent director and audit committee requirements for continued listing on the NASDAQ Global Market because its majority of the Board of Directors be not comprised of independent directors and the Company's Audit Committee be not comprised of at least three members.
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in