RECON REGAINS COMPLIANCE WITH NASDAQ MINIMUM BID PRICE REQUIREMENT

Rhea-AI Summary

On November 8, 2022, Recon Technology, Ltd (NASDAQ: RCON) received confirmation from NASDAQ that it has cured its bid price deficiency and complies with all listing standards. This means that RCON's stock will continue to be listed and traded on NASDAQ. The company is recognized as China's first NASDAQ-listed non-state owned oil and gas field service firm, providing services to major clients like Sinopec and CNPC.

Positive

• Recon has cured its bid price deficiency, ensuring compliance with NASDAQ listing standards.
• The stock of Recon will continue trading on NASDAQ, providing stability for investors.

Negative

• None.

BEIJING, Nov. 10, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") announced today that on November 8, 2022, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has cured the bid price deficiency, and that the Company is in compliance with all applicable listing standards. The Company's stock will continue to be listed and traded on The Nasdaq Stock Market.

The 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:

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

Investor Relations
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768599
            +1 628 283 9214
Email: services@wealthfsllc.com

 

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SOURCE Recon Technology, Ltd

FAQ

What recent compliance achievement did Recon Technology (RCON) announce?

Recon Technology announced that it has cured its bid price deficiency and is in compliance with NASDAQ listing standards as of November 8, 2022.

Is Recon Technology still listed on NASDAQ?

Yes, Recon Technology will continue to be listed and traded on NASDAQ following its compliance confirmation.

What is the significance of Recon Technology's compliance with NASDAQ standards?

The compliance signifies that Recon is maintaining its listing on NASDAQ, which is important for investor confidence and market stability.