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VisionChina Media Receives NASDAQ Noncompliance Notice
Jul 17, 2012 (05:07 PM EDT)
BEIJING, July 17, 2012 /PRNewswire-Asia/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") (Nasdaq: VISN) today announced that the Company has received a letter from The Nasdaq Stock Market LLC ("Nasdaq") informing the Company that its American depositary shares ("ADSs") have not met the $1.00 minimum bid price requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). The Company did not meet Nasdaq's minimum bid price requirement because the closing bid price for its ADSs for each trading day in the 30 business day period from May 31, 2012 to July 12, 2012 was less than $1.00 per share.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until January 9, 2013, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's ADSs must meet or exceed $1.00 per ADS for a minimum of ten consecutive business days during this 180-day grace period.
The Company will consider available options to resolve the non-compliance with the minimum bid price requirement. The notification letter has no immediate effect on the listing of the Company's ADSs on The Nasdaq Global Market.
About VisionChina Media Inc.
VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home advertising network on mass transportation systems, including buses and subways. As of March 31, 2012, VisionChina Media's advertising network included 135,762 digital television displays on mass transportation systems in 20 of China's economically prosperous cities, including Beijing, Shanghai, Guangzhou and Shenzhen, as secured by exclusive agency agreements or joint venture contract. VisionChina Media has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports, and other entertainment programming. For more information, please visit www.visionchina.cn.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Among other things, the quotations from management in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1 and its annual reports on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For investor and media inquiries, please contact:
Ms. Sharon Wu
Mr. Colin Wang
In the United States:
Ms. Jessica Barist Cohen
SOURCE VisionChina Media Inc.