NEW YORK (TheStreet) -- Shares of China Information Technology (CNIT) are way up, 13.41% to $2.03, in afternoon trading on Wednesday after the company announced that it has regained compliance with the minimum bid price requirement, allowing it to continue to be listed on the Nasdaq.
The company's share price has been in good standing from November 27 to December 21.
The company received a notice from the Nasdaq on November 23 indicating that the company's shares failed to maintain a minimum bid price of $1 over the previous 30 consecutive business days.
China Information Technology is a Chinese Internet service company that offers advertising to clients.
Shares are trading on heavy volume today, with 8.8 million shares changing hands versus the stock's daily average of under 300,000 shares.