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CLNT > SEC Filings for CLNT > Form 8-K on 21-Nov-2016All Recent SEC Filings




Notice of Delisting or Failure to Satisfy a Continued Li

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 18, 2016, the Company received a staff deficiency notice from The Nasdaq Stock Market informing the Company that its common stock, par value $0.001 per share, failed to comply with the $1.00 minimum bid price required for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5550(a)(2). Nasdaq's letter advised the Company that, based upon the closing bid price during the period from October 7, 2016 to November 17, 2016, the Company no longer meets this test.

Nasdaq's letter stated that to regain compliance, the closing bid price for the Company's common stock must be at least $1.00 for a minimum of 10 consecutive business days within the 180-day compliance period ending on May 17, 2017.

The Company is considering options, which may include a reverse split, in order to be in compliance with the Nasdaq requirements for the continued listing of its common stock on the Nasdaq Stock Market.

Item 5.07 Submission of Matters to a Vote of Security Holders.

On November 16, 2016, the Company held its 2016 annual meeting of stockholders. The matters voted upon were the election of directors, a non-binding advisory vote on the Company's 2015 executive compensation, a non-binding advisory vote recommending the frequency of advisory votes on executive compensation and the approval of the Company's 2016 Long-Term Incentive Plan.

Each of the nominees for director recommended by the nominating committee and approved by the board of directors was elected. The results of the voting for the members of the board of directors were as follows:

  Name              Votes For      Votes Withheld
  Jianhua Wu         1,908,385              57,657
  Furen Chen         1,902,930              63,112
  Xi Lui             1,902,926              63,116
  Chengqing Tang     1,908,381              57,661
  Baowen Wang        1,908,385              57,657

The proposal to approve, by a non-binding vote, executive compensation for 2015 was approved by a vote of 1,911,934 shares in favor, 53,927 shares against and 181 shares abstaining.

The non-binding votes on the frequency of votes on executive compensation was approved for three years. The vote for the frequency was as follows:

  Frequency        Votes
  One year          152,708
  Two Years           5,502
  Three Years     1,802,684
  Abstain             5,148

Based on the stockholder vote, the Company will request a non-binding advisory vote on executive compensation every three years.

The 2016 Long-Term Incentive Plan was approved by a vote of 1,922,260 shares in favor, 43,750 shares against and 32 shares abstaining.

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