Gulf Resources Regains Compliance With Nasdaq
Avoiding facing a possible delisting, the stock jumps nearly 10%
The Shouguang, China-based manufacturer of bromine, crude salt and specialty chemical products, Gulf Resources, Inc. (Nasdaq: GURE), announced that it had regained compliance, receiving a letter dated Jan. 23 from the Nasdaq Stock Market Listing Qualifications Staff stating its having met the shareholder approval requirements articulated in Nasdaq Listing Rule 5635(c).
The rule is focused on shareholder approval requirements with respect to equity compensation.
The company had disclosed the back on September 19 in a Form 8-K filing that it was notified by Nasdaq on September 13 that that it did not comply with Nasdaq's shareholder approval requirements and that it had to submit a plan of compliance by October 28, 2019.
After Nasdaq's review of the submitted materials, the company has met those requirements related to shares it had issued a consultant.
On the news, shareholders issued a collective sigh of relief and the stock jumped 10%.