Wowjoint Holdings Limited Received NASDAQ Delisting Notification and Expects to Be Transferred to OTCQB(TM)
BEIJING, Nov. 6, 2012 /PRNewswire/ -- Wowjoint Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW), China's innovative infrastructure solutions provider of customized heavy duty lifting and carrying machinery, today announced that the Company received a letter from the Listing Qualification Staff of the NASDAQ Stock Market LLC (the "Staff") on October 31, 2012, notifying of its determination to delist the Company's securities from the NASDAQ, effective at the opening of business on November 9, 2012.
On November 4, 2011, the Company announced that it received notification from the Staff that the Company received two letters from the Listing Qualification Staff, one on October 31, 2011 indicating that the Company is not in compliance with the Minimum Market Value of Publicly Held Shares (MVPHS) of $5,000,000 as required by Listing Rule 5450(b)(1)(C), and one on November 4, 2011 indicating that the Company is not in compliance with the $1.00 Minimum Closing Bid Price Requirement required by Listing Rule 5450(a)(1). The Company was provided 180 calendar days, or until May 2, 2012, to regain compliance with the NASDAQ Listing Rule. Subsequently, on May 2, 2012, the Company transferred to The Nasdaq Capital Market (the "Capital Market") and it was afforded the remainder of this market's second 180 calendar day compliance period, or until October 29, 2012, to demonstrate compliance. The Company has not regained compliance with Listing Rule 5550(a)(2). Accordingly, the Staff notified the Company of its determination that the Company's securities will be delisted from the Capital Market and deregister the Company's securities from The Nasdaq Stock Market. Wowjoint has the right to appeal Staff's determination of delisting and deregistration from NASDAQ by submitting a hearing request no later than 4:00pm Eastern Time on November 7, 2012, but does not expect to do so. It is expected that trading of the Company's securities on The NASDAQ Stock Market will be suspended at the opening of business on November 9, 2012.
Effective November 9, 2012, the Company anticipates that its common stock will trade under the symbol, BWOWF, on the OTCQB. Wowjoint has been advised by OTC Markets Group Inc., which operates an electronic quotation service for securities traded over-the-counter ("OTC"), that its securities shall be immediately eligible for quotation on the OTCQB when it is being delisted from the NASDAQ Stock Market. Investors will be able to view real-time stock quotes for Wowjoint at www.otcmarkets.com.
"We believe the move to OTCQB is a positive transition for the Company," said Yabin Liu, Chairman and CEO. "We can reduce our expenses and our stock can continue to be traded by our shareholders. Our main focus is on increasing our sales which we believe will then be reflected in our stock price as we move forward."
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction. Wowjoint's main product lines include launching gantries, tyre trolleys, special carriers, marine hoists and special purpose equipment. The Company's innovative design capabilities have resulted in patent grants and proprietary products. Wowjoint believes it is well-positioned to benefit directly from China's rapid infrastructure development by leveraging its extensive operational experience and long-term relationships with established blue chip customers. Information on Wowjoint's products and other relevant information are available on its website at www.wowjoint.com.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Wowjoint undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this communication. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. All forward-looking statements are qualified in their entirety by this cautionary statement. All subsequent written and oral forward-looking statements concerning Wowjoint or other matters and attributable to Wowjoint or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Wowjoint does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release.
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SOURCE Wowjoint Holdings Limited