BEIJING, April 29,
2024 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ:
RCON) ("Recon" or the "Company") announced today that on
April 23, 2024, it has received a
Staff determination letter (the "Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"), notifying the Company of the Staff's determination to
delist the Company's securities from The Nasdaq Capital Market
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(c)(3)(A) (the "Minimum Bid Price Rule"). 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, 2024. As of April 22, 2024, the Company did not regain
compliance with Listing Rule 5550(a)(2) 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.
Pursuant to the Letter, unless the Company requests an appeal of
the Letter, trading of the Company's ordinary shares will be
suspended at the opening of business on May
2, 2024, and a Form 25-NSE will be filed with the Securities
and Exchange Commission (the "SEC"), which will remove the
Company's securities from listing and registration on the Nasdaq
Stock Market.
The Company has already appealed the Staff's determination to a
Hearings Panel (the "Panel"), and separately the Company expects
the recently approved consolidation of its Class A ordinary shares
will take effect on May 1, 2024. 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.
About Recon Technology,
Ltd.
Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first
NASDAQ-listed non-state owned oil and gas field service company.
Recon supplies China's largest oil
exploration companies, Sinopec (NYSE: SNP) and The China National
Petroleum Corporation ("CNPC"), with advanced automated
technologies, efficient gathering and transportation equipment and
reservoir stimulation measure for increasing petroleum extraction
levels, reducing impurities and lowering production costs. Through
the years, RCON has taken leading positions within several
segmented markets of the oil and gas filed service industry. RCON
also has developed stable long-term cooperation relationship with
its major clients. For additional information please visit:
http://www.recon.cn/.
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning
of the federal securities laws throughout this press release. A
reader can identify forward-looking statements because they are not
limited to historical fact or they use words such as "scheduled,"
"may," "will," "could," "should," "would," "expect," "believe,"
"anticipate," "project," "plan," "estimate," "forecast," "goal,"
"objective," "committed," "intend," "continue," or "will likely
result," and similar expressions that concern Recon's strategy,
plans, intentions or beliefs about future occurrences or results.
Forward-looking statements are subject to risks, uncertainties and
other factors that may change at any time and may cause actual
results to differ materially from those that Recon expected. Many
of these statements are derived from Recon's operating budgets and
forecasts, which are based on many detailed assumptions that Recon
believes are reasonable, or are based on various assumptions about
certain plans, activities or events which we expect will or may
occur in the future. However, it is very difficult to predict the
effect of known factors, and Recon cannot anticipate all factors
that could affect actual results that may be important to an
investor. All forward-looking information should be evaluated in
the context of these risks, uncertainties and other factors,
including those factors disclosed under "Risk Factors" in Recon's
most recent Annual Report on Form 20-F and any subsequent half-year
financial filings on Form 6-K filed with the Securities and
Exchange Commission. All forward-looking statements are qualified
in their entirety by the cautionary statements that Recon makes
from time to time in its SEC filings and public communications.
Recon cannot assure the reader that it will realize the results or
developments Recon anticipates, or, even if substantially realized,
that they will result in the consequences or affect Recon or its
operations in the way Recon expects. Forward-looking statements
speak only as of the date made. Recon undertakes no obligation to
update or revise any forward-looking statements to reflect events
or circumstances arising after the date on which they were made,
except as otherwise required by law. As a result of these risks and
uncertainties, readers are cautioned not to place undue reliance on
any forward-looking statements included herein or that may be made
elsewhere from time to time by, or on behalf of, Recon.
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SOURCE Recon Technology, Ltd
