Cemtrex Receives NASDAQ Letter Regarding Not Meeting Minimum Bid Price Requirement
January 16 2019 - 11:00PM
– Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading global
technology and manufacturing company, today announced that it has
received a notification letter from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”),
notifying the Company that, because the closing bid price for the
Company’s common stock listed on Nasdaq was below $1.00 for 30
consecutive trading days, the Company no longer meets the minimum
bid price requirement for continued listing on The Nasdaq Capital
Market under Nasdaq Marketplace Rule 5550(a)(2), requiring a
minimum bid price of $1.00 per share (the “Minimum Bid Price
Requirement”).
The notification has no immediate effect on the
listing of the Company’s common stock on NASDAQ. In accordance with
Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a period of
180 calendar days from the date of notification, or until July 8,
2019, to regain compliance with the Minimum Bid Price Requirement
during which the stock will continue to list on the NASDAQ. If at
any time before July 8, 2019 the bid price of the Company’s common
stock closes at or above $1.00 per share for a minimum of 10
consecutive business days, Nasdaq will provide written notification
that the Company has achieved compliance with the Minimum Bid Price
Requirement.
The notification letter also disclosed that in
the event the Company does not regain compliance with the Minimum
Bid Price Requirement by July 8, 2019, the Company may be eligible
for additional time for compliance. To qualify for additional time,
the Company would be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for The Nasdaq Capital Market, with the
exception of the bid price requirement, and would need to provide
written notice of its intention to cure the deficiency during the
second compliance period, by effecting a reverse stock split, if
necessary. If the Company meets these requirements, Nasdaq will
inform the Company that it has been granted an additional 180
calendar days to regain compliance. However, if it appears to the
staff of Nasdaq (the “Staff”) that the Company will not be able to
cure the deficiency, or if the Company is otherwise not eligible,
the Staff would notify the Company that its securities will not be
granted additional 180 days for compliance and be subject to
delisting at that time. In the event of such notification, the
Company may appeal the Staff’s determination to delist its
securities, but there can be no assurance the Staff would grant the
Company’s request for continued listing.
The Company intends to continue actively
monitoring the bid price for its common stock between now and July
8, 2019 and will take appropriate measures to resolve this
deficiency and regain compliance with the Minimum Bid Price
Requirement.
About Cemtrex
Cemtrex, Inc. (NASDAQ: CETX) is a diversified
technology company driving innovation in a wide range of sectors,
including smart technology, virtual and augmented realities,
advanced electronic systems, industrial solutions, and intelligent
security systems. Cemtrex is the manufacturer of the SmartDesk, the
world’s most advanced workstation. Find us on the web
at www.cemtrex.com.
Safe Harbor Statement
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to Cemtrex’s
proposed offering of securities. These forward-looking statements
are based on management’s current expectations and are subject to
certain risks and uncertainties, including those described in
Cemtrex’s SEC periodic reports and other filings, that could cause
actual results to differ materially from those set forth in or
implied by such forward-looking statements. Statements made herein
are as of the date of this press release and should not be relied
upon as of any subsequent date.
For further information, please contact:
Investor Relations
Cemtrex, Inc.
Phone: (631) 756-9116
investors@cemtrex.com
General Inquiries
sales@cemtrex.com
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