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Pingtan Marine Enterprise Ltd. (NASDAQ:PME), ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China, today announced that it has received a notification letter dated October 25, 2022 (the "Notification Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), indicating that for the last 30 consecutive business days from September 9, 2022 through October 24, 2022, the closing bid price for the Company's ordinary shares was below the minimum bid price of $1.00 required for continued listing under Nasdaq Listing Rule 5550(a)(2).
The Notification Letter has no immediate impact on the Company's listing on the Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until April 24, 2023 (the "Compliance Period"), to regain compliance with the Nasdaq's minimum bid price requirement. If the bid price of its ordinary shares closes at $1.00 or more per share for a minimum of 10 consecutive business days at any time during the Compliance Period, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. If the Company does not regain compliance by April 24, 2023, subject to the determination by Nasdaq Staff, the Company may be eligible for additional time to regain compliance by provide written notice of its intention to cure the deficiency during the additional compliance period or may face delisting if there any evidence appears to Nasdaq Staff that the Company will not be able to cure the deficiency.
The Company intends to monitor the closing bid price of its ordinary shares between now and April 24, 2023, and is considering its options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. The Company is currently in compliance with all other Nasdaq continued listing standards. The Notification Letter does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations.
Posted In: PME
