Shiner Intl (NASDAQ:BEST)

HAIKOU, China, March 2, 2012 /PRNewswire-Asia/ -- Shiner International, Inc. (Nasdaq: BEST)products, announced today that it received a letter from the listing qualifications department staff of The NASDAQ Stock Market LLC ("NASDAQ"), granting Shiner an additional 180 days, or until August 27, 2012, to regain compliance with NASDAQ's minimum bid price requirement.

On September 1, 2011, Shiner received a letter from NASDAQ, notifying the Company that for 30 consecutive business days the bid price of its common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements set forth in Listing Rule 5450(a)(1), and that, pursuant to Listing Rule 5810(c)(3)(A), Shiner has 180 calendar days, or until February 28, 2012, to regain compliance with the minimum bid price requirement. On February 29, 2012, the Company received a second letter from NASDAQ notifying the Company that it had not regained compliance during the initial 180-day grace period, but that NASDAQ was granting the Company an additional 180-day period to regain compliance with the minimum bid price requirement. NASDAQ's determination was based on the Company having met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid price requirement, and on the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split if necessary. The notice has no effect at this time on the listing of Shiner's common stock, which will continue to trade under the symbol "BEST".

On September 1, 2011, Shiner International, Inc. (the "Company") received a letter from The Nasdaq Stock Market ("NASDAQ") notifying it of its failure to maintain a minimum closing bid price of $1.00 over the then preceding 30 consecutive trading days for its common stock as required by NASDAQ Listing Rule 5550(a)(2) (the "Bid Price Rule"). The letter stated that the Company has until February 28, 2012 to demonstrate compliance by maintaining a minimum closing bid price of at least $1.00 for a minimum of 10 consecutive trading days. The letter was issued in accordance with standard NASDAQ procedures. This notification has no immediate effect on the listing of the Company's common stock at this time. The Company intends to monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with the Bid Price Rule by February 28, 2012.

Update:

On October 5, 2010, The Nasdaq Stock Market notified Shiner International, Inc. (“Shiner”) that it had regained compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price for Shiner’s common stock reached $1.00 or more for 10 consecutive business days. Shiner regained compliance substantially before the March 7, 2011 expiration of the grace period it was given to regain compliance. Shiner previously disclosed its non-compliance with this Nasdaq Listing Rule on a Form 8-K Current Report filed on September 14, 2010.

On September 8, 2010, Shiner International, Inc. received a letter from The Nasdaq Stock Market (“Nasdaq”) stating that Nasdaq's listing rules "require listed securities to maintain a minimum bid price of $1.00 per share. Based upon the closing bid price for the last 30 consecutive business days, the Company no longer meets this requirement. " The letter further stated that the listing rules "also provide the Company a grace period of 180 calendar days in which to regain compliance." The grace period extends through March 7, 2011. The letter stated that "[i]f at anytime during this grace period the bid price of the Company's security closes at $1.00 per share or more for a minimum of ten consecutive business days, [Nasdaq] will provide [the Company] written confirmation of compliance and this matter will be closed."