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Nov. 28, 2011 /PRNewswire-Asia-FirstCall/ -- Linktone Ltd. (NASDAQ: LTON), a provider of media and entertainment content and services in key strategic markets in
Asia, today announced that it has received notice from The NASDAQ Stock Market ("NASDAQ") that the Company has regained compliance with the minimum
$1.00 bid price requirement under NASDAQ Marketplace Rule 5450(a)(1). As such, Linktone has regained compliance for continued listing of its American Depositary Shares (ADSs) on the NASDAQ Global Market.
September 15, 2011, NASDAQ's Listing Qualifications Group advised the Company that its ADSs closed below the minimum bid price of
$1.00 for 30 consecutive trading days, as required for continued listing on the NASDAQ Global Market. The Company was granted a compliance period of 180 days, during which Linktone's ADSs were required to close with a bid price at or above
$1.00 for 10 consecutive trading days. The Company satisfied this requirement at the close of trading on
Tuesday, November 22, 2011 and received a notification of compliance from the NASDAQ Listing Qualifications Group on
Wednesday, November 23, 2011.
ABOUT LINKTONE LTD.
Linktone Ltd. is a provider of rich and engaging services and content to a wide range of traditional and new media consumers and enterprises in Mainland China,
Hong Kong and
Singapore. Linktone focuses on media, entertainment, communication and edutainment products, which are promoted through the company's strong nationwide distribution networks, integrated service platforms and multiple marketing sales channels, as well as through the networks of leading mobile operators in Mainland China and Indonesia.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that Linktone will not be able to realize meaningful returns from investments it makes, including its acquisitions or strategic partnerships, or may be required to record provisions for impairments in the value of the Company's investments; risks associated with Linktone's growth strategy, including competition in the markets in which it operates, Linktone's ability to further expand into new markets such as the Indonesian value-added services market or the market for entertainment and edutainment products in
Southeast Asia, as well as possible changes in the policies of telecommunication regulators and telecom network operators in
Indonesia or in other laws and regulations, such as tax laws, which could adversely affect Linktone's financial condition and results of operations; the effect of the share repurchase program, if any, on the trading price of Linktone's ADSs; the risk that Linktone will not be able to effectively manage entities that it acquires or effectively utilize their resources; and the risks outlined in Linktone's filings with the Securities and Exchange Commission, including its registration statement on Form F-1 and annual report on Form 20-F. Linktone does not undertake any obligation to update this forward-looking information, except as required under applicable law.
Investor RelationsThe Piacente Group, Inc.
Lee Roth or
Wendy Sunlinktone@thepiacentegroup.comTel: 212-481-2050
SOURCE Linktone Ltd.