Recon Technology receives delisting determination from Nasdaq, submits appeal

Recon Technology announced that it has received a staff determination letter from Nasdaq notifying the company of the the determination to delist the company’s securities from Nasdaq because the company currently fails to satisfy the requirement that the closing bid price of its securities remain at $1.00 or higher as required by Nasdaq Listing Rule 5810. The company had received a period of 180 calendar days and a second period of an additional 180 calendar days to return to compliance with the minimum bid price rule, which compliance period expired on April 22. As of April 22, the company did not regain compliance with Listing Rule 5550 which was triggered since the bid price of the company’s listed securities had closed at less than $1.00 per share over the previous 30 consecutive business days. The company has already appealed the determination to a hearings panel, and separately the company expects the recently approved consolidation of its Class A ordinary shares will take effect on May 1. The company’s hearing request submission will stay the suspension of the company’s securities and the filing of the Form 25-NSE pending the panel’s decision.