China TechFaith Reports Another Notice of Non-compliance With Nasdaq
It was the third time in two months that the Chinese mobile handset maker reported non-compliance with Nasdaq listing rules.
China TechFaith Wireless Communication Technology Ltd. (Nasdaq: CNTF) said it has received a notice of non-compliance from the Nasdaq for failing to maintain the minimum market value of shares as required by the listing rules.
The company has 180 calendar days to regain a market value of publicly held shares of $5 million, TechFaith said in a statement today. It has reported receiving three non-compliance notices in the last two months.
In May, the Beijing-based company said as a result of not having timely filed its annual report for last year, TechFaith was no longer in compliance with Nasdaq listing rules, which require timely filing of periodic financial reports.
Last month, the company has received a notice of non-compliance from the Nasdaq regarding the minimum bid price requirement.
In its latest financial results, the company reported a disappointing revenue decline and mounting net losses.
TechFaith started as a software and hardware designer for handsets in 2002 and later launched its original products, including a brand-name phone and, in its profitable years, motion gaming devices. In 2015, the company entered the real estate market, leasing and operating building units, as well as launching construction projects throughout China.
Shares in TechFaith ended the day 6 percent higher, at $0.55 apiece.