QKL Stores Inc. Regains Compliance with NASDAQ Minimum Bid Price Requirement
DAQING, China, Feb. 22, 2013
DAQING, China, Feb. 22, 2013 /PRNewswire/ -- QKL Stores Inc. (the "Company")
(Nasdaq: QKLS), a leading regional supermarket chain in Northeastern China,
today announced that on February 20, 2013, it received a letter from The
NASDAQ Stock Market LLC ("NASDAQ") notifying the Company that it has regained
compliance with the minimum bid price requirement for continued listing set
forth in NASDAQ Listing Rule 5550(a)(2), as its common stock has achieved a
closing bid price of $1.00 or more for 10 consecutive business days.
On September 5, 2012, NASDAQ Staff notified the Company that its common stock
failed to maintain a minimum bid price of $1.00 over the previous 30
consecutive business days as required by the Listing Rules of The NASDAQ Stock
Market. The Staff also notified the Company that it had been granted a grace
period of 180 calendar days in which to regain compliance. In the letter dated
February 20, 2013, the Staff informed the Company that it had determined that
for the last 10 consecutive business days, from February 5, 2013 to February
19, 2013, the closing bid price of the Company's common stock has been at
$1.00 per share or greater. Accordingly, the Company has regained compliance
with NASDAQ Listing Rules 5550(a)(2) and this matter is now closed.
About QKL Stores Inc.:
Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket
chain company operating in Northeastern China. QKL Stores sells a broad
selection of merchandise, including groceries, fresh food, and non-food items,
through its retail supermarkets, hypermarkets and department stores. The
Company also has its own distribution centers that service its supermarkets.
For more information, please access the Company's website at:
Safe Harbor Statement
Certain statements in this release and other written or oral statements made
by or on behalf of the Company are "forward looking statements" within the
meaning of the federal securities laws. Statements regarding future events and
developments and our future performance, as well as management's expectations,
beliefs, plans, estimates or projections relating to the future, are
forward-looking statements within the meaning of these laws. The forward
looking statements are subject to a number of risks and uncertainties
including market acceptance of the Company's services and projects and the
Company's continued access to capital and other risks and uncertainties. The
actual results the Company achieves may differ materially from those
contemplated by any forward-looking statements due to such risks and
uncertainties. These statements are based on our current expectations and
speak only as of the date of such statements.
QKL Stores, Inc.
Mike Li, Investor Relations
SOURCE QKL Stores Inc.
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