Cemtrex Regains Compliance with Nasdaq Listing Requirements
February 09 2023 - 9:00AM
- Cemtrex Inc. (NASDAQ: CETX, CETXP), an
advanced security technology and industrial services company,
announced today that it has received notice from the Nasdaq Stock
Market LLC (Nasdaq) on February 8, 2023 informing the Company that
it’s common stock has regained full compliance with the minimum bid
price requirement under Nasdaq Listing Rule 5550(a)(2) for
continued listing on The Nasdaq Capital Market.
Cemtrex previously received a notification
letter from the Listing Qualifications Department of Nasdaq on
January 26, 2023 notifying the Company that it has not regained
compliance with Listing Rule 5550(a)(2) and accordingly would be
delisted from the Capital Market. Cemtrex, however, was granted an
additional 180 days, or until July 24, 2023, to regain compliance
with the Minimum Bid Price Requirement, a requirement which Cemtrex
met on February 7, 2023.
Cemtrex effected a 1-for-35 reverse stock split
that took effect at 12:01 a.m. Eastern Standard Time on January 25,
2023, and reflected with the Nasdaq Capital Market and in the
marketplace at the open of business on January 25, 2023, whereupon
the shares of common stock began trading on a split-adjusted basis.
In connection with the reverse split, the Company’s common stock
continues trading on Nasdaq under the symbol “CETX” but now trades
under a new CUSIP Number, 15130G 709.
About Cemtrex
Cemtrex Inc. (CETX) is a company that owns two
operating subsidiaries: Vicon Industries Inc and Advanced
Industrial Services Inc.
Vicon Industries, a subsidiary
of Cemtrex Inc., is a global leader in advanced security and
surveillance technology to safeguard businesses, schools,
municipalities, hospitals and cities. Since 1967, Vicon delivers
mission-critical security surveillance systems, specializing in
engineering complete security solutions that simplify deployment,
operation and ongoing maintenance. Vicon provides security
solutions for some of the largest municipalities and businesses in
the U.S. and around the world, offering a wide range of
cutting-edge and compliant security technologies, from AI-driven
video analytics to fully integrated access control solutions. For
more information visit www.vicon-security.com
AIS – Advanced Industrial
Services, a subsidiary of Cemtrex, Inc., is a premier
provider of industrial contracting services including
millwrighting, rigging, piping, electrical, welding. AIS Installs
high precision equipment in a wide variety of industrial markets
including automotive, printing & graphics, industrial
automation, packaging, and chemicals. AIS owns and operates a
modern fleet of custom designed specialty equipment to assure safe
and quick installation of your production equipment. Our talented
staff participates in recurring instructional training, provided to
ensure that the most current industry methods are being utilized to
provide an efficient and safe working environment. For more
information visit www.ais-york.com
For more information visit www.cemtrex.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the closing of
the offering, gross proceeds from the offering, our new product
offerings, expected use of proceeds, or any proposed fundraising
activities. These forward-looking statements are based on
management’s current expectations and are subject to certain risks
and uncertainties 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. These risks and uncertainties are discussed under
the heading “Risk Factors” contained in our Form 10-K filed with
the Securities and Exchange Commission. All information in this
press release is as of the date of the release and we undertake no
duty to update this information unless required by law.
Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
CETX@mzgroup.us
www.mzgroup.us
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