China Techfaith receives Nasdaq notification regarding minimum bid requirements
China TechFaith announced that it has received a letter from The Nasdaq Stock Market, dated June 12, notifying the company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5450(a)(1). It has resulted from the fact that the bid price of the company's American Depositary Shares closed below $1 per share for the last 30 consecutive business days. The company has a grace period of 180 calendar days, expiring on December 9, in which to regain compliance. The company will regain compliance if, at any time during this 180-day period, the closing bid price of the company's security is at least $1 for a minimum of ten consecutive business days. In the event the company does not regain compliance with the Rule within 180 calendar days, the company may be eligible for additional time.