Ossen Innovation Announces Listing Transfer to NASDAQ Capital Market
SHANGHAI, July 29, 2013
SHANGHAI, July 29, 2013 /PRNewswire-FirstCall/ -- 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, today announced that the Company's application to transfer the
Company's listing from the NASDAQ Global Market to the NASDAQ Capital Market
has been approved.
Accordingly, the Company's American Depositary Shares (the "ADS's") will begin
trading on the NASDAQ Capital Market effective with the open of business on
Tuesday, July 30, 2013. The transfer of the Company's listing from the NASDAQ
Global Market to the NASDAQ Capital Market is expected to have no impact on
trading in the Company's ADS's, and the Company's ADS's will continue to trade
under the symbol OSN.
The Company remains subject to a grace period through January 27, 2014, by
which date the Company must evidence compliance with NASDAQ's minimum bid
price requirement of $1.00 per share. If the Company fails to regain
compliance with the minimum bid price by January 27, 2014, NASDAQ will notify
the Company of its determination to delist the Company's ADS's, which decision
may subsequently be appealed to a NASDAQ Listing Qualifications Panel.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells a wide variety of plain
surface pre-stressed steel materials and rare earth coated and zinc coated
pre-stressed steel materials. The Company's products are mainly used in the
construction of bridges, as well as in highways and other infrastructure
projects. Ossen has two manufacturing facilities located in Maanshan, Anhui
Province, and Jiujiang, Jiangxi Province.
Safe Harbor Statements
This press release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking
statements involve inherent risks and uncertainties that could cause actual
results to differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities and
Exchange Commission, including the Company's annual report on Form 20-F. All
information provided in this press release is as of the date hereof. Except as
required by law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which the
statements are made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Ossen Innovation Co., Ltd.
Feng Peng, Chief Financial Officer
Phone: +86 (21) 6888-8886
SOURCE Ossen Innovation Co., Ltd.
Press spacebar to pause and continue. Press esc to stop.