China INSOnline Corp. Receives NASDAQ Notice of Noncompliance
Bad news for China INSOnline Corp. (NASDAQ: CHIO) who announced today that it received notification from The NASDAQ Stock Market saying that it is not in compliance with the listing requirements for The NASDAQ Capital Market Apparently this is (Rule 5550(a)(2)) as a result of the final bid price per share of the Company’s common shares falling below the minimum selling price of $1.00 for 30 continuous business days.
According to the applicable NASDAQ rules, the Company has a grace period of 180 business calendar days to return to compliance mode with the minimum ending bid price requirement for continued listing. In order to recapture compliance, the Company’s closing bid price per share must be at or above $1.00 for at least 10 continuous business days before the expiration of the one hundred and eighty day grace period. At the end of such grace period, the Company may be afforded an additional grace period of 180 days if it meets the other initial listing requirements of the NASDAQ Capital Market at that time. It is China INSOnline Corp.’s intentions to monitor the bid price at closing of its common shares and will consider whether to commence with any available options to come back to compliance with the continued listing requirements.
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CNNMoney China INSOnline Corp. Receives NASDAQ Notice of Noncompliance
