SHANGHAI, Sept. 7, 2016 /PRNewswire/ -- Ossen Innovation Co., Ltd.
("Ossen" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain
surface, rare earth and zinc coated pre-stressed steel materials,
today announced that it received notice from The Nasdaq Stock
Market LLC ("NASDAQ") that it has regained compliance with NASDAQ
Marketplace Rule 5550(a)(2) (the "Rule"), which requires that the
closing bid price per share of a listed company be at
least $1.00 per share.
As previously announced, on September 17, 2015, NASDAQ
notified the Company that the bid price of its American Depositary
Shares (the "ADS's") had closed at less than $1.00 per
share over the previous 30 consecutive business days and, as a
result, the Company was not in compliance with the Rule.
On March 17, 2016, NASDAQ notified the Company that the
Company had until September 12, 2016 in which to regain
compliance with the Rule.
On September 6, 2016, NASDAQ notified the Company that the
closing bid price of the ADS's had been $1.00 per ADS or greater for more than 10
consecutive business days, from August 22,
2016 to September 2, 2016. Accordingly, the Company has
regained compliance with the Rule.
About Ossen Innovation Co., Ltd.
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.
Safe Harbor
Statements
This press release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's annual report on
Form 20-F. All information provided in this press release is as of
the date hereof. Except as required by law, the Company undertakes
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
For more information, please contact:
Ossen Innovation Co., Ltd.
Feng Peng, Chief Financial
Officer
Email: feng.peng@ossencorp.com
Phone: +86-21-6888-8886
Web: www.osseninnovation.com
Investor Relations
Weitian Group LLC
Phone: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
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SOURCE Ossen Innovation Co., Ltd.