Asia/Pacific News
Chinese Fuel Supplier Regains NASDAQ Compliance
Chinese bunker producer and distributor Andatee China Marine Fuel Services Corp. [NASDAQ:AMCF] (Andatee) has regained compliance with the minimum bid price required for continued listing on the NASDAQ Stock Market, the company announced yesterday.
"Regaining compliance with NASDAQ's minimum bid price rule is a significant achievement for the Company," said An Fengbin, Andatee's chairman and CEO.
"With this issue behind us, the Company's management will continue to pursue its objective of maximizing shareholder value and strengthening the Company's core business.
"We remain committed to improving all aspects of our operations, including expanding our supplier network for procuring raw material, expanding our blending capacity by building and acquiring additional facilities, and improving distribution."
The company announced in December that it could lose its listing after its share price plummeted from $3 in early 2012 to around $0.60 and it failed to maintain at least $5 million in the market value of publicly held shares (MVPHS).
Andatee's stock price rose sharply in September and closed at $1.75 Thursday.
The company produces, distributes, and sells marine fuel for small cargo and fishing vessels in China.
