China Natural Resources Receives Nasdaq Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

On July 5, 2024, China Natural Resources (NASDAQ: CHNR) received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company's common shares closed below $1.00 for 30 consecutive business days. Despite this, CHNR shares will continue trading on Nasdaq without immediate effects. The company has a 180-day grace period until January 2, 2025, to meet the bid price requirement. If the closing bid price reaches at least $1.00 for ten consecutive business days within this period, the compliance issue will be resolved. If compliance is not regained, an additional 180-day grace period might be granted.

Positive

• CHNR shares will continue trading on Nasdaq without immediate effects.
• The company has a 180-day compliance period to regain the minimum bid price requirement.

Negative

• CHNR is not in compliance with Nasdaq's minimum bid price requirement, with shares below $1.00 for 30 consecutive business days.

HONG KONG, July 11, 2024 /PRNewswire/ -- On July 5, 2024, 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 January 2, 2025 (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 January 2, 2025, 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 exploration for lead, silver and other metals in the Inner Mongolia Autonomous Region of the PRC and is actively exploring further business opportunities in the natural resources sector and other sectors.

View original content:https://www.prnewswire.com/news-releases/china-natural-resources-receives-nasdaq-notification-regarding-minimum-bid-requirements-302194740.html

SOURCE China Natural Resources, Inc.

FAQ

What is the recent Nasdaq notification about for CHNR?

CHNR received a Nasdaq notification for not meeting the minimum bid price requirement, as its shares closed below $1.00 for 30 consecutive business days.

When did CHNR receive the Nasdaq notification?

CHNR received the Nasdaq notification on July 5, 2024.

Will CHNR be delisted immediately from Nasdaq?

No, CHNR shares will continue trading on Nasdaq without immediate effects.

How long does CHNR have to regain compliance with the minimum bid price requirement?

CHNR has 180 calendar days, until January 2, 2025, to regain compliance.

What happens if CHNR does not regain compliance with the minimum bid price by January 2, 2025?

If CHNR does not regain compliance by January 2, 2025, it may be eligible for an additional 180-calendar-day grace period.

What is required for CHNR to regain compliance with Nasdaq's minimum bid price requirement?

CHNR needs its closing bid price to be at least $1.00 for a minimum of ten consecutive business days within the compliance period.