China Gerui Advanced Materials Group Limited, a leading high-precision, cold-rolled steel producer in China, announced today that the Company received a written notice (the "Notice") of non-compliance to meet NASDAQ Listing Standard Rule 5250(c)(1) related to its failure to timely file its Form 20-F.
The Notice requires China Gerui to submit a plan within sixty calendar days or by July 20, 2015 that addresses the details of the Company's plan to regain compliance with the Nasdaq Listing Rules. If NASDAQ accepts the plan, an exception will be granted of up to 180 calendar days from the due date of the filing of Form 20-F, or until November 11, 2015, to regain compliance.
The Company intends to file a compliance plan and remediate disclosure deficiencies, but there is no assurance that it will be successful in doing so or that the Company's plan to regain compliance with the NASDAQ Listing Rule will be accepted.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited is a leading niche and high value-added steel processing company in China. The Company produces high-end, high-precision, ultra-thin, high- strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui's products are not standardized commodity products. Instead, they are tailored to customers' requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers in a diverse range of industries, including the food and industrial packaging, construction and household decorations materials, electrical appliances, and telecommunications wires and cables. For more information, please visit http://www.geruigroup.com.