Vimicro International Corp. (VIMC) on Tuesday announced the return of David Tang as Chief Financial Officer, effective October 20, to replace Richard Wu, who is leaving the company for personal reasons.
Tang is an experienced financial professional, with extensive experience as the chief financial officer of Vimicro and other Nasdaq and Hong Kong-listed companies and as a Wall Street securities analyst. Most recently, he was active as an investor and as a managing partner of Shenzhen-based private equity firm iFirst Capital LLC. Prior to that, he served as Vice President and Chief Financial Officer of Vimicro from July 2008 to November 2010.
Vimicro also said that it has received a notice from the Nasdaq Stock Market, indicating that the minimum bid price of the company's ADS has been below $1.00 per ADS for 30 consecutive business days and as a result, the company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule.
The company has a grace period of 180 calendar days, or until April 8, 2013, within which to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of the company's ADS must meet or exceed $1.00 per ADS for a minimum of ten consecutive business days during this 180-day grace period.
The company said it will consider available options, including, but not limited to, changing the ADS ratio, to regain compliance with the continued listing standards of the Nasdaq.
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