BEIJING, July 5, 2019 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company"), today reported that it received a
notice from the Listing Qualifications Department of Nasdaq
advising the Company that it is not in compliance with Rule
5450(b)(1)(C) requiring maintenance of a minimum market value of
publicly held shares (MVPHS) of $5,000,000.
The Company has a 180 days' period, until December 26, 2019, to regain compliance with the
$5,000,000 MVPHS. 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. If the MVPHS closes at $5,000,000 or more for a minimum of ten
consecutive business days, Nasdaq will provide the Company a
written confirmation of compliance and the matter will be
closed.
In the event the Company does not regain compliance with the
Rule prior to the expiration of the compliance period, it will
receive written notification that its securities are subject to
delisting. Alternatively, the Company may apply to transfer the
Company's securities to The Nasdaq Capital Market, subject to
meeting the Nasdaq Capital Market's continued listing
requirements.
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