KINGOLD JEWELRY, INC. (NASDAQ:KGJI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
As previously reported, on November 9, 2018, Kingold Jewelry Inc. (the “Company”) received a notification letter (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) advising the Company that for 30 consecutive business days preceding the date of the Notice, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market to Nasdaq Marketplace Rule 5550(a)(2) (the “Minimum Bid Price Rule”).
The Company was provided 180 calendar days, or until May 8, 2019, to regain compliance with the Minimum Bid Price Rule. The Company was unable to regain compliance with the Minimum Bid Price Rule by May 8, 2019. On May 9, 2019, Nasdaq granted the Company an additional 180 calendar days, or until November 4, 2019, to regain compliance with the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market to the Minimum Bid Price Rule.
The Nasdaq determination to grant the second compliance period was based on the Company’s meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
Accordingly, on October 21, 2019, the Company completed a 1 for 6 reverse stock split. Since completion of the reverse split, Nasdaq has determined that for 10 consecutive business days, from October 22 through and including November 4, 2019, the closing bid price of the Company’s common stock has been at $1.00 per share or greater.
On November 5, 2019, Nasdaq notified the Company that it has regained compliance with Listing Rule 5550(a)(2) and the matter is now closed.
The Company issued a press release announcing that it had regained compliance with Nasdaq Marketplace Rules effective November 5, 2019. A copy of the press release is attached as Exhibit 99.1.
| 99.1 | Press Release dated November 6, 2019. |
KINGOLD JEWELRY, INC. Exhibit
EX-99.1 2 tm1922013d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Kingold Jewelry Regains Compliance with Nasdaq’s Minimum Closing Bid Price WUHAN CITY,…
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About KINGOLD JEWELRY, INC. (NASDAQ:KGJI)
Kingold Jewelry, Inc. designs and manufactures 24-karat gold jewelry and Chinese ornaments, through a variable interest entity relationship with Wuhan Kingold Jewelry Company Limited (Wuhan Kingold). The Company develops, promotes and sells a range of products to the jewelry market across the People’s Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells gold bars and coins and other products through agreements with various banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores. The Company’s subsidiary, Wuhan Kingold Internet Co., Ltd., is engaged in online sales of jewelry products.