SHANGHAI, July 29 /PRNewswire-FirstCall/ --
China Cablecom Holdings, Ltd. ("China Cablecom" or the "Company") (Nasdaq: CABL), a joint-venture provider of cable television services in the People's Republic of China (PRC), announced that the Company has received a Nasdaq Staff Deficiency Letter dated July 26, 2010, notifying the Company of its trading activity over the preceding 30 consecutive business days, which was below the minimum closing bid price of $1.00 under Nasdaq Marketplace Rule 5550 (a)(2).
In accordance with Nasdaq Marketplace Rule 5810 (c)(3)(A), China Cablecom will be granted 180 calendar days, or until January 24, 2011 to regain compliance by maintaining a closing bid price at $1.00 per share or more of a minimum of 10 consecutive business days. Should the Company be unable to meet the minimum bid requirement during this initial compliance period, it will then receive written notification that its securities are subject to delisting. The letter has no effect on the listing of the China Cablecom's common stock at this time and the Company will seek to regain compliance to ensure continued listing on the Nasdaq Stock Market.
About China Cablecom
China Cablecom is a joint-venture provider of cable television services in the People's Republic of China, operating in partnership with a local state-owned enterprise ("SOE") authorized by the PRC government to control the distribution of cable TV services through the deployment of analog and digital cable services. China Cablecom has consummated the acquisition of a 55 percent economic interest in a cable network in Hubei province with paying subscribers exceeding 1,100,000. The Company originally acquired operating rights of the Binzhou Broadcasting network in Binzhou, Shandong Province in September 2007 by entering into a series of asset purchase and services agreements with a company organized by SOEs, owned directly or indirectly by local branches of State Administration of Radio, Film and Tele ...
Try our segmented RSS Feeds
