BEIJING, Aug. 19, 2015 /PRNewswire/ -- Ku6 Media
Co., Ltd. (the "Company," NASDAQ: KUTV) today announced
that on August 18, 2015, the Company
received a letter from The NASDAQ Stock Market LLC
("NASDAQ") notifying it that for the prior 30 consecutive
business days, the Company's listed securities failed to maintain a
minimum bid price of US$1 per share.
Consequently, the Company failed to comply with the requirement for
continued listing pursuant to NASDAQ Listing Rule 5450(a)(1) (the
"MBP Rule").
NASDAQ further stated that in accordance with NASDAQ Listing
Rule 5810(c)(3)(A), the Company will be provided 180 calendar days,
or until February 16, 2016, to regain
compliance with the MBP Rule. NASDAQ will deem the Company to have
regained compliance under the MBP Rule if at any time before
February 16, 2016 the closing bid
price for the Company's securities is at least US$1 for a minimum of ten consecutive business
days.
As previously disclosed by the Company, on August 13, 2015, the Company received a letter
from NASDAQ notifying it that for the prior 30 consecutive business
days, the Company's listed securities failed to maintain a minimum
market value of US$50,000,000, and
the Company's publicly held securities failed to maintain a minimum
market value of US$15,000,000,
respectively. Consequently, deficiencies exist with regard to the
requirements for continued listing pursuant to NASDAQ Listing Rule
5450(b)(2)(A) (the "MVLS Rule") and NASDAQ Listing Rule
5450(b)(2)(C) (the "MVPHS Rule").
NASDAQ further stated that in accordance with NASDAQ Listing
Rules 5810(c)(3)(C) and 5810(c)(3)(D), the Company will be provided
180 calendar days, or until February 9, 2016, to regain compliance
with the MVLS Rule and the MVPHS Rule. NASDAQ will deem the Company
to have regained compliance under the MVLS Rule if at any time
before February 9, 2016 the market value of the Company's listed
securities closes at US$50,000,000 or more for a minimum of ten
consecutive business days. NASDAQ will deem the Company to have
regained compliance under the MVPHS Rule if at any time before
February 9, 2016 the market value of the Company's publicly held
securities closes at US$15,000,000 or more for a minimum of ten
consecutive business days.
These notifications do not impact the listing and trading of the
Company's securities at this time. However, the NASDAQ letters also
state that, if the Company does not regain compliance with the MBP
Rule by February 16, 2016 or the MVLS
Rule or the MVPHS Rule by February 9,
2016, the Company will receive written notification from
NASDAQ that the Company's securities are subject to delisting. The
Company is reviewing its options for regaining compliance with the
MBP Rule, the MVLS Rule and MVPHS Rule. There can be no assurance
that the Company will be able to regain compliance with the MBP
Rule, the MVLS Rule, MVPHS Rule or any other Nasdaq continued
listing requirements in a timely fashion.
About Ku6 Media Co., Ltd.
Through its premier online brand and online video website,
www.ku6.com, Ku6 Media provides online video uploading and sharing
service, video reports, information and entertainment in
China. For more information about
Ku6 Media, please visit http://ir.ku6.com.
Safe Harbor Statement
This news release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
its control. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Some of the risks and important factors
that could affect the Company's future results and financial
condition include: continued competitive pressures in China's internet video portal market; changes
in technology and user preference in this market; the risk that Ku6
Media may not be able to control its expenses in the future;
regulatory changes in China with
respect to the operations of internet video portal websites; the
success of Ku6 Media's ability to sell advertising and other
services on its websites; and other risks outlined in the Company's
filings with the Securities and Exchange Commission, including the
Company's annual report on Form 20-F. Ku6 Media does not
undertake any obligation to update this forward-looking
information, except as required under law.
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SOURCE Ku6 Media Co., Ltd.