China Precision Steel Inc a niche precision steel processing company principally engaged in producing and selling high precision, cold-rolled steel products announced that the Company was notified on September 16, 2011 by the Listing Qualifications Department of the NASDAQ Stock Market that the Company was not in compliance with the NASDAQ continued listing standard requiring a listed security to maintain a minimum average closing price of USD 1.00 per share over a consecutive 30-trading-day period.
The Company has 180 days from receipt of the notification, or until March 14, 2012 to bring its share price and average share price back above USD 1.00.
The Company intends to actively monitor the bid price for its common stock between now and March 14 2012 and will consider all available options including a reverse stock split to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirements