SYSWIN Inc. (SYSW) announced that on January 18, 2012, the New York Stock Exchange has notified the Company that the Company has fallen below the NYSE's continued listing standard that requires a minimum average closing price of $1.00 per share over 30 consecutive trading days.
In accordance with applicable rules, the Company has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price rule. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the six-month cure period the Company's security have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.
The company said that it has notified the NYSE its intention to cure this deficiency within the prescribed timeframe. The Company's security will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards. SYSWIN added that it is currently in compliance with all other NYSE continued listing standards.
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