VisionChina Media Receives Deficiency Letter from NASDAQ Due to Delay in Filing Annual Report on Form 20-F
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VisionChina Media (Nasdaq: VISN), one of China’s largest out-of-home digital television advertising networks on mass transportation systems, today announced that on May 16, 2013, the Company received a letter (the “Letter”) from NASDAQ Stock Market LLC (“NASDAQ”) indicating that it was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1). The Letter, which the Company expected, was issued in accordance with NASDAQ procedures because the Company did not file its annual report on Form 20-F for the year ended December 31, 2012 with the Securities and Exchange Commission by the extended May 15, 2013 deadline.
Pursuant to the NASDAQ listing standards, the Company has 14 calendar days, or until May 30, 2013, to submit a plan to NASDAQ to regain compliance with the NASDAQ Listing Rules, and if NASDAQ accepts the Company’s plan of compliance, NASDAQ may grant an extension of up to 180 calendar days from the due date of the annual report on Form 20-F, or until November 12, 2013, to regain compliance with the …
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