SHENZHEN, China, Nov. 25, 2015 /PRNewswire/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of internet-based platforms, products and services in China, today said that on November 23, 2015 it received written notice from the Nasdaq Stock Market ("Nasdaq") stating that the company is no longer in compliance with the $1.00 minimum closing bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Select Market.
The notice has no immediate effect on the listing of CNIT's ordinary shares, which will continue to trade on The Nasdaq Global Select Market under the symbol "CNIT" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the company has a grace period of 180 calendar days, or until May 23, 2016, to regain compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of the company's ordinary shares must meet or exceed $1.00 per share for at least ten consecutive business days during this 180-day compliance period.
In the event the company does not regain compliance with the minimum closing bid price requirement by May 23, 2016, Nasdaq may provide the company an additional 180-day period to regain compliance, subject to the company, at that time, transferring its securities to The Nasdaq Capital Market and satisfying certain other requirements. However, if Nasdaq determines that the company will not be able to cure the deficiency, or should the company determine not to submit a transfer application or make the required representation, Nasdaq will notify the company that its securities will be subject to delisting.
The company will actively monitor the closing bid price of its ordinary shares between now and May 23, 2016 and intends to consider the various options available to regain compliance.
About China Information Technology, Inc.
China Information Technology, Inc. is a leading Internet service company that makes advertising accessible and affordable for businesses of all sizes. CNIT provides cloud-based platform, exchange, and big data solutions enabling innovation and smart living in the education, health care, new media, finance and transportation sectors. Through continuous innovation, CNIT is aiming to leverage its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community. To learn more, please visit www.chinacnit.com.
This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Jimmy Caplan, 512-329-9505
Rick Eisenberg, 212-496-6828
SOURCE China Information Technology, Inc.