Cleantech Solutions International Inc., a manufacturer of metal components and assemblies, primarily for the wind power industry as well as for solar and other industries, says it has received a staff deficiency notice from The NASDAQ Stock Market informing the company that its common shares have failed to comply with the $1.00 minimum bid price required for continued listing on The NASDAQ Global Market under NASDAQ Listing Rule 5450(a)(1).
The company failed to meet this test because the closing bid price for its common stock for each trading day in the 30-day period from July 27 to Sept. 7 was less than $1.00 per share.
NASDAQ's letter stated that to regain compliance, the closing bid price for Cleantech Solutions' common stock must be at least $1.00 for a minimum of 10 consecutive business days within the 180-day compliance period ending on March 6, 2012. In the event the company does not regain compliance within this period, it may be eligible for additional time by filing a listing application to transfer its common stock to the NASDAQ Capital Market, the company explains.
‘We recognize the importance of maintaining our listing on the NASDAQ Stock Market and are evaluating several options to regain compliance, including a reverse stock split,’ notes Jianhua Wu, chairman and CEO of Cleantech Solutions.
