BEIJING, Feb. 28, 2012 /PRNewswire-Asia/ -- SGOCO Group, Ltd. ("SGOCO," or the "Company") (Nasdaq: SGOC), a company focused on building its own brands and retail distribution network in the Chinese flat panel display market, including LCD/LED monitors, TVs, and application specific products, today announced that the Company received a letter from the Listing Qualification Staff of the NASDAQ Stock Market LLC (the "Staff"), on February 22, 2012 indicating that the Company is not in compliance with the $1.00 Minimum Closing Bid Price Requirement.
The Listing Rules (the "Rules") require listed securities to maintain a minimum bid price of $1.00. If a NASDAQ-listed company trades below the minimum bid price requirement for 30 consecutive business days, it will be notified of the deficiency. Based upon the Staff's review, the Company no longer meets this requirement. However, the Rules provide the Company with a compliance period of 180 calendar days, or until August 20, 2012 in which to regain compliance with this requirement.
To regain compliance with the minimum bid price requirement, the Company must have a closing bid price of $1.00 or more for a minimum of ten consecutive business days during this compliance period.If compliance is not demonstrated for this requirement within the applicable 180 day compliance period, the Staff will notify the Company that its securities will be delisted from the NASDAQ Capital Market. However, the Company may appeal the Staff's determination to delist its securities to a Hearing Panel. During any appeal process, the Company's ordinary shares would continue to trade on the NASDAQ Capital Market. The NASDAQ notification letter has no immediate effect on the listing or trading of the Company's ordinary shares on the NASDAQ Capital Market. The Company is currently looking at all of the options available with respect to regaining such compliance.
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