In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), XING has 180 calendar days from the date of the Nasdaq letter, or until April 30, 2012, to regain compliance by maintaining a closing bid price of at least $1.00 per share for a minimum of ten consec utive business days. If at any time before April 30, 2012, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the Minimum Bid Price Rule.
If the Company does not regain compliance by April 30, 2012, Nasdaq will provide written notification to the Company that the Company's common stock is subject to delisting. If the Company receives notice that its common stock is being delisted from The Nasdaq Global Market, Nasdaq rules permit the Company to appeal any delisting determination by the Nasdaq staff to a Nasdaq Hearings Panel. Alternatively, Nasdaq may permit the Company to transfer its common stock to The Nasdaq Capital Market if it satisfies the requirements for initial inclusion set forth in Marketplace Rule 5505, except for the bid price requirement. If its application for transfer is approved, the Company would have an additional 180 calendar days to comply with the Minimum Bid Price Rule in order to remain on The Nasdaq Capital Market.
The Company intends to actively monitor the closing bid price of its common stock between now and April 30, 2012 and will evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule.
Qiao Xing Universal Resources, Inc. is a leading player in the molybdenum mining industry with substantial assets in the resources industry. XING focuses on mining and processing rare metal ores and several strategically important base-metal ores, including molybdenum, copper lead and zinc. XING currently owns a 100% equity interest in Balinzuo Banner Xinyuan Mining Co., Ltd. and a 34.53% equity interest in Chifeng Aolunhua Mining Co., Ltd, as well as the right to receive 100% of the expected economic residual returns from Chifeng Haozhou Mining Co., Ltd.
XING is well positioned to optimize the operation of its mining business as well to increase its presence in the resources industry in 2011 and beyond. XING will continue to seek opportunities to acquire future high potential mining assets. At the same time, XING is also working to divest its remaining mobile-phone business to become a pure-play resources company.
Company Contact:
Qiao Xing Mobile Communication Co.,
Ltd.
Lucy Wang, Vice President
Tel: +86 (10)
5731-5638
Email: wangjinglu@cectelecom.com |
USA IR Agency Contacts:
CCG Investor Relations
Ms. Mabel Zhang, Associate Partner
+1 (310) 954-1383
E-mail: mabel.zhang@ccgir.com
Mr. David Rudnick, Account Manager
+1 (646) 626-4172
E-mail: david.rudnick@ccgir.com
Website: www.ccgirasia.com |