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April 21, 2014
07:43 EDTCNETChinaNet Online receives NASDAQ notification of non-compliance
ChinaNet Online announced that on April 16, it received a letter from the Listing Qualifications Department of the NASDAQ Stock Market advising the company that, due to its inability to file with the SEC its annual report on Form 10-K for the fiscal year ended December 31, 2013 on a timely basis, the company no longer complies with NASDAQ Listing Rule 5250(c)(1) for continued listing, and that the company has 60 calendar days to submit a plan explaining how it expects to regain compliance. If NASDAQ approves the company's plan, it can grant the company an extension of up to 180 calendar days from the due date of the Form 10-K to regain compliance. The company anticipates that it will be able to file the Form 10-K substantially prior to the expiration of such 60-day period and regain compliance with the NASDAQ Listing Rules. If the Company is unable to file its Form 10-K within the 60-day period, it intends to file with the NASDAQ a plan to regain compliance within the Listing Rules of the NASDAQ. Acceptance of such plan is discretionary with the NASDAQ. This notification has no immediate effect on the listing of the company's common stock on the NASDAQ. There can be no assurance, however, that the company will be able to regain compliance with the listing requirement discussed above or otherwise satisfy the other NASDAQ listing criteria.
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