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The notification letter has no immediate effect

China Yida receives NASDAQ Noncompliance Notice

China Yida Holding Company a diversified tourism and entertainment enterprise in China, announced that the company has received a letter from The NASDAQ Stock Market LLC informing the company that its common stock has not met the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). 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 May 17, 2012 to June 28, 2012 was less than $1.00 per share.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), China Yida has a grace period of 180 calendar days, or until December 31, 2012, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for at least ten consecutive business days during this 180-day grace period. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to the expiration date of the grace period in order to regain compliance.

If the company does not regain compliance within this period, it may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.  If the Company fails to regain compliance within the grace period permitted by Nasdaq, the company’s common stock will be subject to delisting by Nasdaq. The company will consider available options to resolve the noncompliance with the minimum bid price requirement.

The notification letter has no immediate effect on the listing of the company’s common stock on The Nasdaq Capital Market. China Yida’s common stock will continue to trade on The Nasdaq Capital Market under the symbol "CNYD."

Theodore Koumelis
Co-Founder & Managing Director - Travel Media Applications | Website

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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