BEIJING, June 14, 2019 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company") today announced that it has received
a letter from The Nasdaq Stock Market LLC ("Nasdaq"), dated
June 12, 2019, notifying the Company
that it is currently not in compliance with the minimum bid price
requirement set forth under Nasdaq Listing Rule 5450(a)(1) (the
"Rule"). It has resulted from the fact that the bid price of the
Company's American Depositary Shares ("ADSs") closed below
US$1 per share for the last 30
consecutive business days. The Company has a grace period of 180
calendar days, expiring on December 9,
2019, in which to regain compliance. The Company will regain
compliance if, at any time during this 180-day period, the closing
bid price of the Company's security is at least $1 for a minimum of ten consecutive business
days. In the event the Company does not regain compliance with the
Rule within 180 calendar days, the Company may be eligible for
additional time.
The notification has no immediate effect on the listing of the
Company's ADSs on the Nasdaq Global Market. The Company
intends to monitor the closing bid price of its ADSs between now
and December 9, 2019 and intends to
consider available options to cure the deficiency and regain
compliance with the Rule's minimum bid price requirement within the
prescribed grace period. The Company's ADSs will continue to be
listed and trade on the Nasdaq Global Market during this period,
unaffected by the receipt of the written notification from
Nasdaq.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About TechFaith
TechFaith (NASDAQ: CNTF) is a developer, owner and operator of
commercial real estate properties across China as well as a China-based mobile solutions provider for the
global mobile handsets market. TechFaith continues to maintain a
team of professional engineers focused on the development of
ruggedized smart devices for both its consumer and enterprise
segments, although it started investing in the construction of
buildings and facilities in 2009 as part of its growth and business
diversification strategy, gradually shifting away from its
traditional focus on the mobile solutions and handset markets. The
Company currently focuses on developing office space that can serve
as anchor bases in areas with developing economies, as it meets the
needs of both established businesses and innovative start-up
companies in China. For more
information, please visit www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," "outlook" and similar
statements. TechFaith may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission on Forms 20-F and 6-K, among others, and in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about TechFaith's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, those
risks outlined in TechFaith's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
TechFaith does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
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SOURCE China TechFaith Wireless Technology Limited