JIUQUAN, China - Qilian International Holding Group Limited (NASDAQ:QLI), a pharmaceutical and chemical products manufacturer based in China, has been granted an additional 180 days to meet the Nasdaq's minimum bid price requirement. The Nasdaq Listing Qualifications Department provided the extension on January 10, 2024, allowing the company until July 8, 2024, to elevate its ordinary share closing bid price to at least $1.00 for a minimum of 10 consecutive business days.
To address the deficiency, Qilian is evaluating various strategies, including the possibility of a reverse stock split, to achieve compliance with the Nasdaq's requirement. Throughout this extended compliance period, Qilian's ordinary shares will remain listed and continue trading on the Nasdaq Capital Market. The company has affirmed that the receipt of the extension notice does not impact its business operations.
Qilian International specializes in the production and marketing of a range of products including licorice and oxytetracycline products, traditional Chinese medicine derivatives, heparin products, sausage casings, and fertilizers. These products are distributed across more than 20 provinces in China.
The information in this article is based on a press release statement from Qilian International Holding Group Limited.
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