China Natural Resources Receives Nasdaq Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

On April 27, 2022, China Natural Resources, Inc. (NASDAQ: CHNR) received notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as its shares traded below $1.00 for 30 consecutive business days. The company has until October 24, 2022, to regain compliance, with the opportunity for a 180-day extension if necessary. Despite this notification, trading of CHNR shares continues uninterrupted on Nasdaq. The company is involved in wastewater treatment and mining rights in China.

Positive

• Opportunity for a 180-day grace period to regain compliance with minimum bid price requirement.

Negative

• Current non-compliance with Nasdaq's minimum bid price requirement, affecting market perception.

HONG KONG, May 2, 2022  /PRNewswire/ -- On April 27, 2022, China Natural Resources, Inc. (NASDAQ: CHNR) (the "Company") received a letter from the Listing Qualifications Department of The Nasdaq Capital Market ("Nasdaq") notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company's common shares was below the minimum of $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company's common shares, which will continue to trade uninterrupted on Nasdaq under the ticker "CHNR".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until October 24, 2022 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's common shares is at least $1.00 for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the minimum bid price requirement by October 24, 2022, the Company may be eligible for an additional 180-calendar-day grace period.

About China Natural Resources:

China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People's Republic of China (the "PRC"), is currently engaged in the wastewater treatment industry in the PRC, and the acquisition and exploitation of mining rights in Inner Mongolia, including preliminary exploration for nickel, lead, silver and other nonferrous metals, and is actively exploring further business opportunities in the healthcare sector, natural resources sector and other sectors.

 

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SOURCE China Natural Resources, Inc.

FAQ

What is the current status of China Natural Resources regarding Nasdaq compliance?

China Natural Resources received a notification of non-compliance with Nasdaq's minimum bid price requirement, trading below $1.00 per share.

What is the compliance deadline for China Natural Resources to meet Nasdaq requirements?

The compliance deadline for China Natural Resources is October 24, 2022.

What happens if China Natural Resources does not regain compliance by the deadline?

If compliance is not regained by October 24, 2022, China Natural Resources may qualify for an additional 180-day grace period.

Is trading of China Natural Resources shares affected by the non-compliance notification?

No, trading of China Natural Resources shares continues uninterrupted on Nasdaq.