Ossen Innovation Receives NASDAQ Notification.
Ossen Innovation Co., Ltd., a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that on August 12, 2014 the Company received a letter from the NASDAQ Stock Market stating that for the previous 30 consecutive business days, the closing bid price of the Company’s stock was below the minimum bid price of$1.00 per share for continued listing on the NASDAQ Capital Market pursuant to NASDAQ Marketplace Rule 5550(a)(2) (the “Minimum Bid Price Rule”). The NASDAQ letter has no immediate effect on the listing of the Company’s shares.
In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company has been provided with a period of 180 calendar days, or until February 9, 2015, to regain compliance with the Minimum Bid Price Rule. If at any time during this 180-day period the closing bid price of the Company’s American Depositary Shares is at least $1.00 for a minimum of ten consecutive days, NASDAQ will provide written confirmation of compliance and matter will be closed.
The Company intends to evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule.
Furthermore, Ossen’s 15.24 mm 1860MPa coated strand research project has been listed as a national key new product project for 2014 by the Chinese government. The Chinese government gives the awards to promote the development of new products and technological achievements, encourage enterprises to enhance their technological advancement and innovation capacity, and enhance their international competitiveness.
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.