SHISHI, CHINA / ACCESSWIRE / March 1, 2017 / KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, today announced that it has regained compliance with the minimum bid price requirement for continued listing on NASDAQ Capital Market, following the recent one-for-fifteen reverse stock split of the Company's outstanding common stock.
As previously disclosed, on March 3, 2016, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the minimum bid price requirement of $1.00 per share set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the "Bid Price Rule"). On August 31, 2016, Nasdaq granted the Company additional 180 days, or until February 27, 2017, to regain compliance with the Bid Price Rule. On February 3, 2017, the Board of Directors of the Company approved a one-for-fifteen reverse stock split which was intended to increase the per share trading price of the Company's outstanding common stock.
On February 27, 2017, the Company received a letter from Nasdaq stating that because the Company maintained the closing bid price of its common stock at $1.00 per share or greater from February 9 to February 24, 2017, they determined that the Company has regained compliance with the Bid Price Rule.
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling, and distributing its own casual menswear brand, KBS, through a network of 60 KBS stores and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Mr. Themis Kalapotharakos
Director
T: +306932284718
E: [email protected]
Ms. Lixia Tu
Chief Financial Officer
T: +86 15859722469
E: [email protected]
SOURCE: KBS Fashion Group Limited