SHENZHEN, China, May 29, 2012 /PRNewswire-Asia/ -- China BAK
Battery, Inc. ("China BAK" or the "Company") (NASDAQ: CBAK), a
leading global manufacturer of lithium-based battery cells, today
announced that the Company has received a staff deficiency notice
from The NASDAQ Stock Market informing the Company that its common
stock has not met the $1.00 minimum
bid price requirement for continued listing on The NASDAQ Global
Market under NASDAQ Listing Rule 5450(a)(1). The Company did not
meet NASDAQ's minimum bid price requirement because the closing bid
price for its common stock for each trading day in the 30-business
day period from April 13, 2012 to
May 24, 2012 was less than
$1.00 per share. The notification
letter stated that China BAK will receive 180 calendar days, or
until November 21, 2012, to regain
compliance with the NASDAQ listing requirements. During this
compliance period, the closing bid price for China BAK's common
stock must be at least $1.00 for a
minimum of ten consecutive business days for the Company to regain
compliance. In the event that the Company does not regain
compliance within this period, it may be eligible for additional
time to regain compliance by filing a listing application to
transfer its common stock to The NASDAQ Capital Market and
satisfying certain other requirements. The notification letter has
no effect at this time on the listing of the Company's common stock
on The NASDAQ Global Market. China BAK's common stock will continue
to trade on The NASDAQ Global Market under the symbol "CBAK."
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global
manufacturer of lithium-based battery cells. The Company produces
battery cells that are the principal component of rechargeable
batteries commonly used in cellular phones, smartphones, notebook
computers, e-bikes, electric vehicles, power tools, uninterruptible
power supplies, and portable consumer electronics such as portable
media players, portable gaming devices, personal digital
assistants, or PDAs, camcorders, digital cameras, and Bluetooth
headsets. China BAK Battery, Inc.'s production facilities, located
in Shenzhen and Tianjin cover over three million square feet.
For more information regarding China BAK Battery, Inc., please
visit http://www.bak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which
are subject to change. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All "forward-looking statements"
relating to the business of China BAK Battery, Inc. and its
subsidiary companies, which can be identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties which could cause actual results to differ. Please
refer to China BAK's Annual Report on Form 10-K for the fiscal year
ended September 30, 2011, as well as
China BAK's Quarterly Reports on Form 10-Q that have been filed
since the date of such annual report, for specific details on risk
factors. Given these risks and uncertainties, you are cautioned not
to place undue reliance on forward-looking statements. China BAK's
actual results could differ materially from those contained in the
forward-looking statements. China BAK undertakes no obligation to
revise or update its forward-looking statements in order to reflect
events or circumstances that may arise after the date of this
release.
SOURCE China BAK Battery, Inc.