SHANGHAI, Jan. 6, 2016 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company") today announced that it has regained compliance with the minimum share price standard required by the New York Stock Exchange ("NYSE") for continued listing of the Company's American depositary shares ("ADS") (each representing twenty of Acorn's ordinary shares).
As previously disclosed, the NYSE notified the Company on September 15, 2015 that it was not in compliance with the NYSE's continued listing standard because the average closing price of the ADSs had been below US$1.00 over a consecutive 30-trading-day period.
On January 5, 2016, the NYSE notified Acorn that it had cured its non-compliance with the NYSE's minimum share price standard and regained compliance with the NYSE's continuing listing standards by virtue of the fact that the average closing price of the ADSs for the 30-trading days ended December 31, 2015 was above US$1. The ADSs will continue to be traded on the NYSE, subject to Acorn's continued compliance with all applicable NYSE requirements.
Safe Harbor Statement
This news release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," and similar statements. Such statements are based on management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
About Acorn International, Inc.
Acorn is a marketing and branding company in China, operating multiple direct sales platforms and a nationwide distribution network. Acorn's direct sales platforms include outbound telemarketing centers, e-commerce websites, and catalogs. Acorn has built a proven track record of developing, promoting and selling proprietary-branded products, as well as products from established third parties.
SOURCE Acorn International, Inc.