China Automotive Systems, Inc. (Nasdaq:CAAS), which primarily manufactures power steering systems and other component parts for the automotive industry in China, received notification from NASDAQ that they weren't in compliance the continued listing requirements.
Citing NASDAQ Listing Rule 5250(c)(1), the exchange said CAAS hasn't met the requirements of the timely filing of SEC periodic reports.
At this time it's more of a reminder communication, as it'll have no effect in the immediate future on the trading of shares on the exchange or its listing.
China Automotive Systems closed Friday at $9.14, gaining $0.33, or 3.75 percent.
Monday, March 21, 2011
China Automotive Systems (CAAS) Not in Compliance Says NASDAQ
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