Recon Technology Receives Nasdaq Delisting Determination; Submits Appeal
BEIJING, April 29, 2024 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") announced today that on April 23, 2024, it has received a Staff determination letter (the "Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company of the Staff's determination to delist the Company's securities from The Nasdaq Capital Market because the Company currently fails to satisfy the requirement that the closing bid price of its securities remain at $1.00 or higher as required by Nasdaq Listing Rule 5810(c)(3)(A) (the "Minimum Bid Price Rule").
- BEIJING, April 29, 2024 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") announced today that on April 23, 2024, it has received a Staff determination letter (the "Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company of the Staff's determination to delist the Company's securities from The Nasdaq Capital Market because the Company currently fails to satisfy the requirement that the closing bid price of its securities remain at $1.00 or higher as required by Nasdaq Listing Rule 5810(c)(3)(A) (the "Minimum Bid Price Rule").
- The Company had received a period of 180 calendar days and a second period of an additional 180 calendar days to return to compliance with the Minimum Bid Price Rule, which compliance period expired on April 22, 2024.
- The Company has already appealed the Staff's determination to a Hearings Panel (the "Panel"), and separately the Company expects the recently approved consolidation of its Class A ordinary shares will take effect on May 1, 2024.
- The Company's hearing request submission will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision.