CHANGSHU, China, Aug. 12, 2014 /PRNewswire-FirstCall/ -- Sutor
Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR),
a leading China-based manufacturer
and distributor of high-end fine finished steel products used by a
variety of downstream applications, today announced that on
August 8, 2014 it received a letter
from the staff of the Listing Qualification of the NASDAQ Stock
Market LLC (the "Staff"), indicating that the Company is not in
compliance with the $1.00 minimum
closing bid price requirement under the NASDAQ Listing Rules (the
"Listing Rules").
The Listing Rules require listed securities to maintain a
minimum bid price of $1.00 per share.
If a NASDAQ-listed company trades below the minimum bid price
requirement for 30 consecutive business days, it will be notified
of the deficiency. Based upon the Staff's review, the Company no
longer meets this requirement. However, the Listing Rules provide
the Company with a compliance period of 180 calendar days, or until
February 4, 2015 in which to regain
compliance with this requirement.
To regain compliance with the minimum bid price requirement, the
Company must have a closing bid price of $1.00 per share or more for a minimum of ten
consecutive business days during this compliance period.
In the event that the Company does not regain compliance within
this period, it may be eligible for additional time to regain
compliance by satisfying certain requirements. However, if it
appears to the Staff that the Company will not be able to cure the
deficiency, or if the Company is otherwise not eligible, the Staff
will notify the Company that its securities will be delisted from
the NASDAQ Capital Market. However, the Company may still appeal
the Staff's determination to delist its securities to a Hearing
Panel. During any appeal process, the Company's common stock would
continue to trade on the NASDAQ Capital Market.
The NASDAQ notification letter has no immediate effect on the
listing or trading of the Company's common stock on the NASDAQ
Capital Market. The Company is currently looking at all of the
options available with respect to regaining such compliance.
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and distributors of
high-end fine finished steel products used by a variety of
downstream applications. The Company utilizes a variety of in-house
developed processes and technologies to convert steel manufactured
by third parties into fine finished steel products, including
hot-dip galvanized steel, pre-painted galvanized steel,
acid-pickled steel, cold-rolled steel and welded steel pipe
products. To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are forward-looking
statements in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking
statements are not guarantees of future performance and that a
number of risks and uncertainties could cause our actual results to
differ materially from those anticipated, expressed or implied in
the forward-looking statements. These risks and uncertainties
include, but not limited to, the factors mentioned in the "Risk
Factors" section of our Annual Report on Form 10-K for the fiscal
year ended June 30, 2013, and other
risks mentioned in our other reports filed with the Securities and
Exchange Commission ("SEC"). Copies of filings made with the SEC
are available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at http://www.sec.gov. The words
"believe," "expect," "anticipate," "project," "targets,"
"optimistic," "intend," "aim," "will" or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements. The Company assumes no
obligation and does not intend to update any forward-looking
statements, except as required by law.
For more information, please contact:
Investor Relations
Sutor Technology Group Limited
Tel:
+86-512-5268-0988
Email: investor_relations@sutorcn.com
SOURCE Sutor Technology Group Limited