Recon Receives NASDAQ Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

Recon Technology, Ltd (NASDAQ: RCON) announced on June 1, 2022, that it received a notification from Nasdaq about non-compliance with the minimum bid price requirement due to its shares trading below $1.00 for 30 consecutive days. Recon has 180 days until November 28, 2022, to regain compliance. Should the bid price rise above $1.00 for 10 consecutive days, Nasdaq will confirm compliance. A potential 180-day extension is available if compliance is not met by the deadline, allowing RCON to address this issue.

Positive

• Possibility of a 180-day grace period for regaining compliance.
• Shares continue to trade uninterrupted on Nasdaq under the ticker 'RCON'.

Negative

• Non-compliance with Nasdaq minimum bid price requirement.
• Current share price below $1.00 for 30 consecutive days.

BEIJING, June 3, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that on June 1, 2022, it received a letter from The Nasdaq Stock Market LLC ("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). It resulted from the fact that the closing bid price of the Company's ordinary shares was below $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 ordinary shares, which will continue to trade uninterrupted on Nasdaq under the ticker "RCON".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until November 28, 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 ordinary shares is at least $1.00 for a minimum of 10 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 November 28, 2022, the Company may be eligible for an additional 180 calendar day grace period.

About Recon Technology, Ltd ("RCON")

Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/.

Forward-Looking Statements

Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon's operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.

For more information, please contact:

Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn

View original content:https://www.prnewswire.com/news-releases/recon-receives-nasdaq-notification-regarding-minimum-bid-requirements-301560856.html

SOURCE Recon Technology Ltd

FAQ

What notification did Recon Technology receive from Nasdaq?

Recon Technology received a notification regarding non-compliance with the minimum bid price requirement due to its shares trading below $1.00.

What is the compliance period for Recon Technology to regain Nasdaq compliance?

Recon Technology has a compliance period of 180 days until November 28, 2022, to regain compliance.

What will happen if Recon Technology does not regain compliance by the deadline?

If Recon does not regain compliance by November 28, 2022, it may be eligible for an additional 180-day grace period.

How does Recon Technology plan to regain compliance with Nasdaq?

Recon can regain compliance if its closing bid price reaches at least $1.00 for 10 consecutive business days during the compliance period.

Is Recon Technology still trading on Nasdaq?

Yes, Recon Technology's shares continue to trade uninterrupted on Nasdaq under the ticker 'RCON'.