Ossen Innovation Announces 180-Day Extension by NASDAQ to Regain Compliance with the Bid Price Rule

CIOReview Team | Wednesday, 13 April 2016, 05:42 IST

Ossen Innovation Co., Ltd. ("Ossen" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, announced it received a letter from NASDAQ (the "NASDAQ Notice"), granting the Company an additional 180-day period, or until September 12, 2016, to regain compliance with NASDAQ's minimum $1.00 bid price per share rule (the "Bid Price Rule") for continued listing on the NASDAQ Capital Market.

The NASDAQ Notice, dated March 17, 2016, notified the Company that while the Company had not regained compliance with the Bid Price Rule, it was eligible for an additional 180-day grace period, until September 12, 2016 (the "Expiration Date"), to regain compliance with the Bid Price Rule. NASDAQ's determination was based on the Company having met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the Bid Price Rule, and the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.