BEIJING, Jan. 21, 2019 /PRNewswire/ -- Recon Technology, Ltd.
(NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator
in the oilfield service, environmental protection, electric power
and coal chemical industries, today announced that it has received
a letter from the Listings Qualifications Department of The Nasdaq
Capital Market ("Nasdaq") notifying the Company that the minimum
bid price per share for its ordinary shares was below $1.00 for a period of 30 consecutive business
days and that the Company did not meet the minimum bid price
requirement set forth in Nasdaq Listing Rule 5550(a)(2). This press
release is filed pursuant to Nasdaq Listing Rule 5810(b). The
Nasdaq notification letter does not result in the immediate
delisting of the Company's ordinary shares, and the shares will
continue to trade uninterrupted under the symbol "RCON."
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until July 15, 2019 (the
"Compliance Period"), to regain compliance with Nasdaq's minimum
bid price requirement. If at any time during the Compliance Period,
the closing bid price per share of the Company's ordinary shares is
at least $1.00 for a minimum of 10 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 by
July 15, 2019, the Company may be
eligible for an additional 180 calendar day grace period. To
qualify, the Company will be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq, with the exception of the bid
price requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, including by effecting a reverse stock split, if necessary.
If the Company chooses to implement a reverse stock split, it must
complete the split no later than ten business days prior to the
expiration of the second compliance period.
About Recon Technology, Ltd.
Recon Technology, Ltd. (NASDAQ: RCON) is China's first
listed non-state-owned oil and gas field service company on NASDAQ.
Recon supplies China's largest oil exploration companies,
Sinopec (NYSE: SNP) and CNPC, with advanced automated technologies,
efficient gathering and transportation equipment and reservoir
stimulation measure for increasing petroleum extraction levels,
reducing impurities and lowering production costs. Through the
years, RCON has taken leading positions on several segmented
markets of the oil and gas filed service industry. RCON also has
developed stable long-term cooperation relationship with its major
clients, and its products and service are also well accepted by
clients. For additional information please
visit: www.recon.cn.
Forward Looking Statements
Forward-Looking Statements in this press release, which are
not historical facts, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Our actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by us and our management, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, among others,
levels of spending in our industry as well as consumer confidence
generally; changes in the competitive environment in our industry
and the markets where we operate; our ability to access the capital
markets; the results of cooperation between parties to cooperation
agreements; and other risks discussed in the Company's filings with
the U.S. Securities and Exchange Commission, including our Annual
Report on Form 20-F, which filings are available from the SEC. We
caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We
undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
For more information, please contact:
In China:
Ms.
Jia Liu
Chief Financial Officer
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
Email: info@recon.cn
In the United
States:
Ms. Tina
Xiao
President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Recon Technology, Ltd.