Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - China Auto Logistics Inc | f8k092713_chinaautologistic.htm |
Exhibit 99.1
Floor 1 FTZ International Auto Mall, 86 Tianbao Avenue, Free Trade Zone, Tianjin, P.R.China 300461
Tel: 86 (22) 25762771 Fax: 86 (22) 66271509
China Auto Logistics Receives Nasdaq Notice Regarding Minimum Market Value Deficiency
TIANJIN, CHINA--(October 3, 2013) - China Auto Logistics Inc. (the "Company" or "CALI") (NASDAQ: CALI), a top seller in China of luxury imported automobiles, and a leading provider of auto-related services, reported today it received a letter from the Listings Qualification Department of the Nasdaq Stock Market ("NASDAQ") stating that on September 27, 2013, for the previous 30 consecutive business days, the market value of publicly held shares ("MVPHS") of the Company's common stock (the "Common Stock") had closed below the minimum $5 million requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(1)(C).
The letter states that the Company will be provided 180 calendar days, or until March 26, 2014, to regain compliance with the minimum MVPHS requirement. In accordance with Rule 5810(c)(3)(D), the Company can regain compliance if at any time during the 180-day period the closing MVPHS is at least $5 million for a minimum of 10 consecutive business days. In the event the Company does not regain compliance with the MVPHS requirement prior to March 26, 2014, the Common Stock will be subject to delisting.
The Company intends to monitor the MVPHS of the Common Stock and may, if appropriate, consider implementing available options to regain compliance or submitting an application to transfer to The Nasdaq Capital Market. However, there can be no assurance that the Company will be able to regain compliance or successfully transfer to The Nasdaq Capital Market.
Mr. Tong Shiping, Chairman and CEO of the Company, stated, “We remain committed to growing our business in the Chinese luxury auto market where we continue to be a significant player. We further believe that at some point investors will recognize our strengths and value our shares more realistically."
About China Auto Logistics Inc.
China Auto Logistics Inc. is one of China's top sellers of imported luxury vehicles, and also manages China's largest imported auto mall in Tianjin. Additionally, it operates www.cali.com.cn, one of the leading automobile portals in China, which integrates the Company’s websites that provide extensive information and news to China's auto dealers and their customers. The Company also provides a growing variety of "one stop" automobile related services such as short term dealer financing. Additional information about the Company is available at www.chinaautologisticsinc.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
Contacts:
Sun Jiazhen
sjz_cali@126.com
Ken Donenfeld
DGI Investor Relations Inc.
kdonenfeld@dgiir.com
Tel: 212-425-5700
Fax: 646-381-9727