SHANGHAI, December 5, 2014 /PRNewswire/ — Zuoan Fashion Limited (NYSE: ZA) ("Zuoan" or the "Company"), a leading design-driven fashion casual menswear company in China, today announced that on November 11, 2014, the Company received notice from the New York Stock Exchange, Inc. ("NYSE") that Zuoan is no longer in compliance with the NYSE’s continued listing standards because the average per share closing price of Zuoan’s American Depositary Shares ("ADSs") for the consecutive 30 trading-day period ending on November 6, 2014 has fallen below $1.00. The NYSE requires the average closing share price of an NYSE listed company’s ADSs to be at least $1.00 per share over any consecutive 30 trading-day period.
Pursuant to the NYSE Listed Company Manual, the Company has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price requirement. The Company can also 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 ADSs have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the consecutive 30 trading-day period ending on the last trading day of that month.
Zuoan has notified the NYSE it intends to cure this deficiency within the prescribed timeframe. Until then, the Company’s ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. Zuoan is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect Zuoan’s business operations or its Securities and Exchange Commission reporting requirements.
About Zuoan Fashion Limited
Zuoan Fashion Limited is a leading design-driven fashion casual menswear company in China and is headquartered in Shanghai. Zuoan offers a wide range of products, including men’s casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle. Through extensive networks of distributors and retail stores, Zuoan sells its products in 31 of China’s 32 provinces and municipalities. As of June 30, 2014, Zuoan had 925 stores located in China.
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