BEIJING, Nov. 4, 2011 /PRNewswire-Asia/ -- Wowjoint
Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW),
China's innovative infrastructure
solutions provider of customized heavy duty lifting and carrying
machinery, today announced that the Company received two letters
from the Listing Qualification Staff of the NASDAQ Stock Market LLC
(the "Staff"), one on October 31,
2011 indicating that the Company is not in compliance with
the Minimum Market Value of Publicly Held Shares (MVPHS) of
$5,000,000, and one on November 4, 2011 indicating that the Company is
not in compliance with the $1.00
Minimum Closing Bid Price Requirement.
The Listing Rules (the "Rules") require listed securities to
maintain a MVPHS of $5,000,000. MVPHS
is calculated by multiplying the publicly held shares, which is the
total outstanding shares less the shares held by officers,
directors and beneficial owners of 10% or more of the outstanding
shares, by the closing bid price. If a NASDAQ-listed company trades
below the applicable MVPHS requirement for 30 consecutive business
days, it will be notified of the deficiency. Also, the Rules
require that if a company trades for 30 consecutive business days
below the $1.00 minimum closing bid
price requirement, NASDAQ will send a deficiency notice to the
company. Based upon the Staff's review of both of these items, the
Company no longer meets these requirements. However, the Rules
provide the Company with a compliance period of 180 calendar days
in which to regain compliance with each of these requirements.
To regain compliance with the MVPHS requirement, the Company's
MVPHS must close at $5,000,000 or
more for a minimum of ten consecutive business days during this
compliance period.
To regain compliance with the Minimum Bid Price requirement, the
Company must have a closing bid price of $1.00 or more for 10 consecutive business days
during this compliance period.
If compliance is not demonstrated for each of these requirements
within the applicable 180 day compliance period, the Staff will
notify the Company that its securities will be delisted from the
NASDAQ Global Market. However, the Company may appeal the Staff's
determination to delist its securities to a Hearing Panel. During
any appeal process, shares of the Company's common stock would
continue to trade on the NASDAQ Global Market. In the alternative
the Company may be able to transfer to the NASDAQ Capital
Market.
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting
and carrying machinery used in large scale infrastructure projects
such as railway, highway and bridge construction. Wowjoint's main
product lines include launching gantries, tyre trolleys, special
carriers and marine hoists. The Company's innovative design
capabilities have resulted in patent grants and proprietary
products. Wowjoint is well positioned to benefit directly from
China's rapid infrastructure
development by leveraging its extensive operational experience and
long-term relationships with established blue chip customers.
Information on Wowjoint's products and other relevant information
are available on its website at http://www.wowjoint.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements in this press release
include matters that involve known and unknown risks, uncertainties
and other factors that may cause actual results, levels of
activity, performance or achievements to differ materially from
results expressed or implied by this press release. Wowjoint
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances
occurring after the date of this communication. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this communication. All
forward-looking statements are qualified in their entirety by this
cautionary statement. All subsequent written and oral
forward-looking statements concerning Wowjoint or other matters and
attributable to Wowjoint or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above. Wowjoint does not undertake any obligation to update any
forward-looking statement, whether written or oral, relating to the
matters discussed in this news release.
For additional information contact:
Wowjoint Holdings:
Aubrye Foote, Vice President, Investor Relations
Tel: +1-530-475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com
SOURCE Wowjoint Holdings Limited