JERSEY CITY, N. J.,
Sept. 27, 2011
/PRNewswire-Asia-FirstCall/ -- American Oriental Bioengineering,
Inc. (NYSE: AOB) (the "Company") today announced that the New York
Stock Exchange (the "NYSE") has notified the Company that the
Company has fallen below the NYSE's continued listing standard that
requires a minimum average closing price of $1.00 per share over 30 consecutive trading
days.
Under NYSE rules, the Company has six months from receipt of the
notice to cure the deficiency by regaining compliance with the
minimum share price requirement. Subject to compliance with the
NYSE's other continued listing requirements, the Company's common
stock will continue to be listed and trade on the NYSE during the
six month cure period.
Under NYSE rules, the Company has ten business days following
receipt of the notice, which will be October
5, 2011, to respond by letter to the NYSE and indicate its
intention to cure this deficiency, or, the Company will be subject
to suspension and delisting procedures by the NYSE. The Company is
currently looking at all of the options available with respect to
curing this deficiency and intends to send a letter to the NYSE
within this timeframe.
The Company can regain compliance during, and until the
expiration of the six month cure period, if on the last trading day
of any calendar month the Company has a closing share price of at
least $1.00 and an average closing
share price of at least $1.00 over
the 30 trading-day period ending on the last trading day of that
month. If the Company takes an action to regain compliance that
would require approval by its stockholders, the Company must obtain
such approval by no later than its next annual meeting of
stockholders and must implement the action promptly thereafter. The
condition will be deemed cured if the price promptly exceeds
$1.00 per share, and the price
remains above the level for at least the following 30 trading days.
If the Company fails to regain compliance in the manner described,
the NYSE will commence suspension and delisting procedures.
The Company's business operations, Securities and Exchange
Commission reporting requirements and debt obligations are not
affected by the receipt of the NYSE notification.
About American Oriental Bioengineering, Inc.
American Oriental Bioengineering, Inc. is a pharmaceutical
company dedicated to improving health through the development,
manufacture and commercialization of a broad range of prescription
and over the counter products.
Safe Harbor Statement
Statements made in this press release are forward-looking and
are made pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995. Such statements involve risks
and uncertainties that may cause actual results to differ
materially from those set forth in these statements. The
economic, competitive, governmental, technological and other
factors identified in the Company's filings with the Securities and
Exchange Commission, may cause actual results or events to differ
materially from those described in the forward looking statements
in this press release. The Company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether because of new information, future events, or
otherwise.
Contact:
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Hong Zhu
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646- 367-1765
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SOURCE American Oriental Bioengineering, Inc.