Tianli Agritech Regains Compliance with NASDAQ Minimum Bid Price Rule
WUHAN CITY, China, Oct. 17, 2013
WUHAN CITY, China, Oct. 17, 2013 /PRNewswire/ -- Tianli Agritech, Inc.
(NASDAQ:OINK) ("Tianli" or the "Company"), a leading producer of breeder hogs,
market hogs and black hogs, headquartered in Wuhan City, China, today
announced that it received written notification from the NASDAQ Stock Market
("NASDAQ") on October 15, 2013 confirming that the Company has regained
compliance with the minimum bid price requirement of $1.00 per share for
continued listing of its common stock on the Nasdaq Capital Market.
As previously announced, on February 6, 2013, NASDAQ notified the Company that
the bid price of its common stock had closed at less than $1.00 per share over
the previous 30 consecutive business days and, as a result, the Company was
not in compliance with Listing Rule 5550(a)(2)("Rule"), the minimum bid price
rule. The Company was provided 180 calendar days, or until August 5, 2013, to
regain compliance with the Rule. Additionally, on August 2, 2013, NASDAQ
notified the Company that it had been granted an additional 180-day extension
period, or until February 3, 2014, in which to regain compliance with the
On October 15, 2013, NASDAQ notified the Company that the closing bid price of
its common stock has been at $1.00 per share or greater for 10 consecutive
business days, from October 1, 2013 to October 14, 2013. Accordingly, the
company has regained compliance with Nasdaq Listing Rule 5550(a)(2)("Rule"),
and the matter is now closed.
If the Company remains in compliance with the minimum bid price Rule, its
Board of Directors is not likely to use the authority given to it at the
Company's shareholder meeting on October 11^th to cause a reverse split of the
Company's common stock. Any decision regarding a reverse stock split will be
made by the Board of Directors in light of the relevant factors at the time a
reverse split is considered by the Board.
About Tianli Agritech, Inc.
Tianli Agritech, Inc. is in the business of breeding, raising and selling
breeder and market hogs in China and is developing a retail channel for its
pork products including high-value, black hog meat. The Company is focused on
growing high quality hogs for sale for breeding and meat purposes. The Company
conducts genetic, breeding and nutrition research to steadily improve its
This news release contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements that
are other than statements of historical facts. These statements are subject
to uncertainties and risks including, but not limited to, product and service
demand and acceptance, changes in technology, economic conditions, the impact
of competition and pricing, government regulation, and other risks contained
in reports filed by the company with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and whether made
by or on behalf of the company, are expressly qualified by this cautionary
statement and any other cautionary statements which may accompany the
forward-looking statements. In addition, the company disclaims any obligation
to update any forward-looking statements to reflect events or circumstances
after the date hereof.
For more information, please contact:
Weitian Group LLC
SOURCE Tianli Agritech, Inc.
Press spacebar to pause and continue. Press esc to stop.