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| CALI > SEC Filings for CALI > Form 8-K on 7-Aug-2012 | All Recent SEC Filings |
7-Aug-2012
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or St
On August 1, 2012, China Auto Logistics Inc. (the "Company") received notification from the Nasdaq Listings Qualification Department ("Nasdaq") that for the previous 30 consecutive business days, the market value of publicly held shares ("MVPHS") of the Company's common stock (the "Common Stock") had closed below the minimum $5 million requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(1)(C).
The letter states that the Company will be provided 180 calendar days, or until January 28, 2013, to regain compliance with the minimum MVPHS requirement. In accordance with Rule 5810(c)(3)(D), the Company can regain compliance if at any time during the 180-day period the closing MVPHS is at least $5 million for a minimum of 10 consecutive business days. In the event the Company does not regain compliance with the MVPHS requirement prior to January 28, 2013, the Common Stock will be subject to delisting.
The Company intends to monitor the MVPHS of the Common Stock and may, if appropriate, consider implementing available options to regain compliance or submitting an application to transfer to The Nasdaq Capital Market. However, there can be no assurance that the Company will be able to regain compliance or successfully transfer to The Nasdaq Capital Market.
The Company's press release dated August 7, 2012 with respect to this notification is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
(d) Exhibits
99.1 Press Release of China Auto Logistics Inc., dated August 7, 2012.
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