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China Precision Steel receives Nasdaq notice of non-compliance

On September 22, 2011, China Precision Steel reported that it had received a letter from The NASDAQ Stock Market LLC notifying the Company that for 30 consecutive business days the bid price of the Company’s common stock had closed below $1.00 per share. On March 15, 2012, the Company received a second letter from NASDAQ notifying the Company that it had not regained compliance during the initial 180-day grace period, but that NASDAQ was granting the Company an additional 180-day grace period, or until September 10, 2012, to regain compliance.