Xiniya Fashion Receives Continued Listing Standard Notice From the NYSE.
China Xiniya Fashion Limited a leading provider of men’s business casual apparel in China, announced today that on June 20, 2014, the Company received notice from the New York Stock Exchange, Inc. that Xiniya is no longer in compliance with the NYSE’s continued listing standards because the average per share closing price of Xiniya’s American Depositary Shares (“ADSs”) for the consecutive 30 trading-day period ending on June 13, 2014 has fallen below the NYSE’s share price requirements. The NYSE requires the average closing share price of a listed company’s ADSs to be at least $1.00 per share over any consecutive 30 trading-day period.
Subject to the NYSE’s rules, the Company has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price rule. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the six-month cure period the Company’s ADSs have a closing share price of at least $1.00 and an average closing share price of at least$1.00 over the consecutive 30 trading-day period ending on the last trading day of that month.
The Company can also regain compliance if at the expiration of the six-month cure period both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the consecutive 30 trading-day period ending on the last trading day of the cure period are attained.
The Company expects to notify the NYSE that it will take steps to cure this deficiency within the prescribed timeframe. Until then, the Company’s ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The Company is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements.