VisionChina Media Receives Further NASDAQ Notice
VisionChina Media, Inc. (“VisionChina Media” or the “Company”) (Nasdaq: VISN), China’s largest out-of-home digital television and advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced that on August 30, 2016 it received a notification letter (the “Notification Letter”) from The Nasdaq Stock Market, Inc. (the “NASDAQ”) informing the Company that NASDAQ has granted the Company an exception to Nasdaq Listing Rule 5250(c)(1) (the “Rule”) to enable the Company to regain compliance with the Rule.
As previously reported, the Company received a notification letter on May 20, 2016 from NASDAQ that the Company is not in compliance with the Rule because the Company did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2015 (“2015 Form 20-F”) with the Securities and Exchange Commission (the “SEC”).
The Notification Letter states that the Company must file the 2015 Form 20-F on or before September 20, 2016. In the event the Company does not satisfy such deadline, the NASDAQ staff will provide written notification that the Company’s securities will be delisted. The Company is working diligently to complete the work necessary to file the 2015 Form 20-F and expects to file such report with the SEC on or before September 20, 2016.