ChinaNet Online Holdings Regain Compliance With NASDAQ Minimum Bid Price Rule
March 10 2014 - 7:30AM
ChinaNet Online Holdings, Inc. (Nasdaq:CNET) (the "ChinaNet" or
"Company"), a leading B2B (business to business) Internet
technology company focusing on providing online-to-offline ("O2O")
sales channel expansion services for small and medium-sized
enterprises ("SMEs") and entrepreneurial management and networking
services for entrepreneurs in the People's Republic of China, today
announced that on March 6 2014, it received a letter from The
NASDAQ Stock Market LLC (the "NASDAQ") notifying the Company that
it has regained compliance with the Minimum Bid Price Rule (as
defined below) for continued listing set forth in NASDAQ Listing
Rule 5450(a)(1), as the common stock had achieved a closing bid
price of $1.00 or more for 10 consecutive business days.
On April 30, 2013, the Company received a letter from the NASDAQ
Staff stating that, based upon the closing bid price for the
previous 30 consecutive business days, the Company no longer met
the requirement set forth in NASDAQ Listing Rule 5450(a)(1), which
requires listed securities to maintain a minimum bid price of
$1.00 per share (the "Minimum Bid Price Rule"). The NASDAQ
Staff also notified the Company that it had been granted a grace
period of 180 calendar days to regain compliance with the Minimum
Bid Price Rule. In a letter dated October 28, 2013, the NASDAQ
staff notified the Company that the listing of the Company's common
stock was transferred, at the Company's request, to the NASDAQ
Capital Market under the existing ticker symbol (CNET) at the
opening of business on October 29, 2013. In connection with this
transfer, the Company is eligible for an additional 180-day period,
or until April 28, 2014, to regain compliance with the Minimum Bid
Price Rule. In the March 6, 2014 letter, the NASDAQ Staff
informed the Company that it had determined that for the last 10
consecutive business days, from February 20,
2014 to March 5, 2014, the closing bid price of the
Company's common stock had been at $1.00 or greater.
Accordingly, the Company has regained compliance with the NASDAQ
Minimum Bid Price Rule.
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group
Ltd., incorporated in the BVI ("ChinaNet"), is a leading B2B
(business to business) Internet technology company focusing on
providing O2O (online to offline) sales channel expansion service
for small and medium-sized enterprises (SMEs) and entrepreneurial
management and networking service for entrepreneurs in China. The
Company, through certain contractual arrangements with operating
companies in the PRC, provides Internet advertising and other
services for Chinese SMEs via its portal websites, 28.com,
Liansuo.com and Chuangye.com, TV commercials and program production
via China-Net TV, and in-house LCD advertising on banking kiosks
targeting Chinese banking patrons. Website:
http://www.chinanet-online.com.
Safe Harbor
This release contains certain "forward-looking statements"
relating to the business of ChinaNet Online Holdings, Inc., which
can be identified by the use of forward-looking terminology such as
"believes," "expects," "anticipates," "estimates" or similar
expressions. Such forward-looking statements involve known and
unknown risks and uncertainties, including business uncertainties
relating to government regulation of our industry, market demand,
reliance on key personnel, future capital requirements, competition
in general and other factors that may cause actual results to be
materially different from those described herein as anticipated,
believed, estimated or expected. Certain of these risks and
uncertainties are or will be described in greater detail in our
filings with the Securities and Exchange Commission. These
forward-looking statements are based on ChinaNet's current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting ChinaNet will be those anticipated by
ChinaNet. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. ChinaNet undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
CONTACT: MZ North America
Ted Haberfield, President
Tel: +1-760-755-2716
Email: thaberfield@mzgroup.us
Web: www.mzgroup.us
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