Ossen Innovation Regains Compliance With NASDAQ Capital Market Listing Requirements
SHANGHAI, Nov. 6, 2013 /PRNewswire-FirstCall/ -- Ossen Innovation Co., Ltd. ("Ossen" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, announced today that it received notice from The NASDAQ Stock Market ("NASDAQ") that it has regained compliance with NASDAQ Marketplace Rule 5550(a)(2) (the "Rule"), which requires that the closing bid price per share of a listed company be at least $1.00 per share.
As previously announced, on January 30, 2013, NASDAQ notified the Company that the bid price of its American Depositary Shares (the "ADS's") had closed at less than $1.00 per share over the previous 30 consecutive business days and, as a result, the Company was not in compliance with the Rule. On July 29, 2013, the Company transferred the listing of its ADS's from the NASDAQ Global Market to the NASDAQ Capital Market, subject to a 180-day grace period, or until January 27, 2014, in which to regain compliance with the Rule.
On November 4, 2013, NASDAQ notified the Company that the closing bid price of the ADS's had been $1.00 per share or greater for 10 consecutive business days, from October 21, 2013 to November 1, 2013. Accordingly, the Company has regained compliance with the Rule, and the transfer of the ADS's to the NASDAQ Capital Market is complete.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells a wide variety of plain surface pre-stressed steel materials and rare earth coated and zinc coated pre-stressed steel materials. The Company's products are mainly used in the construction of bridges, as well as in highways and other infrastructure projects. Ossen has two manufacturing facilities located in Maanshan, Anhui Province, and Jiujiang, Jiangxi Province.
Safe Harbor Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and 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 involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on Form 20-F. All information provided in this press release is as of the date hereof. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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SOURCE Ossen Innovation Co., Ltd.