Chinese Supplier Andatee Given Another NASDAQ Delisting Warning

by Ship & Bunker News Team
Thursday June 18, 2015

Andatee China Marine Fuel Services Corporation (Andatee) announced last week that they have received a NASDAQ notification stating that the company was not in compliance with the minimum $1.00 per share continued listing requirement set forth in NASDAQ Listing Rule 5550(a)(2).

Andatee said the notification informed them that during the period from April 28, 2015 to June 9, 2015, the bid price for the Andatee's common stock closed below the minimum $1.00 per share.

As per NASDAQ rules, Andatee is said to have been granted a 180 calendar day (until December 7, 2015) grace period to regain compliance with the foregoing continued listing deficiency.

During the grace period, Andatee will be able to regain its compliance with the minimum bid price deficiency if the company's common stock closes at least $1.00 per share for a minimum of 10 consecutive business days. 

However, if the company does not regain compliance with the foregoing continued listing deficiency, its securities will be subject to delisting.

Additionally, an indicator will be displayed with the quotation information related to Andatee's securities on NASDAQ.com and NASDAQTrader.com until the company is in compliance with the closing bid price rule.

In 2012, the company was found to be non-compliant with the minimum bid price required for continued listing on the NASDAQ, though it managed to regain compliance in 2013 and was warned again this April.

Ship & Bunker News Team
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