China INSOnline Corp. Receives NASDAQ Notice of Noncompliance
January 08 2010 - 8:00AM
Marketwired
China INSOnline Corp. (NASDAQ: CHIO) announced today that it
received notification from The NASDAQ Stock Market, LLC ("NASDAQ")
stating that it is no longer in compliance with the continued
listing requirements for The NASDAQ Capital Market (Rule
5550(a)(2)) as a result of the closing bid price per share of the
Company's common stock falling below the minimum trading price of
$1.00 for thirty consecutive business days.
In accordance with applicable NASDAQ rules, the Company has a
grace period of 180 calendar days to regain compliance with the
minimum closing bid price requirement for continued listing. In
order to regain compliance, the Company's closing bid price per
share must be at or above $1.00 for at least ten consecutive
business days before the expiration of the 180 day grace period. At
the end of such grace period, the Company may be afforded an
additional grace period of 180 days if it meets the other initial
listing requirements of the NASDAQ Capital Market at that time. The
Company intends to monitor the closing bid price of its common
stock and will consider whether to implement any available options
to regain compliance with the continued listing requirements.
About China INSOnline Corp.
China INSOnline Corp., incorporated in Delaware and
headquartered in Beijing, is a licensed insurance agency in The
People's Republic of China. Representing major insurance
underwriting firms in China, the Company offers online automobile,
property and life insurance services through its industry web
portal, www.soobao.cn. The Company's online platform also provides
consumers, agents and insurance companies with online transaction
capabilities, advertising, online inquiry, news circulation,
statistical analysis and software development services. For
additional information, please visit www.china-insonline.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations
or beliefs, including, but not limited to, statements concerning
the Company's operations, financial performance and condition. For
this purpose, statements that are not statements of historical fact
may be deemed to be forward-looking statements. The Company
cautions that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, but not limited to,
the impact of competitive products, pricing and new technology;
changes in consumer preferences and tastes; and effectiveness of
marketing; changes in laws and regulations; fluctuations in costs,
and other factors as those discussed in the Company's reports filed
with the Securities and Exchange Commission from time to time. In
addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
For more information or to visit the Company's website, click
here: www.china-insonline.com
Contacts: Ken Donenfeld DGI Investor Relations Tel: 212-425-5700
Email: donfgroup@aol.com
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