The stock in Recon Technology, Ltd. (Nasdaq: RCON) was sent nearly 3% higher to $2.62 per American depositary share in early trading on Wednesday, after the company announced it has met minimum required trading price to regain compliance with the Nasdaq Global Select Market.
The Beijing-based hardware and software provider said in a statement today that Nasdaq has informed the company that its traded at or more than the required $1 per American depositary share minimum. Had it not met the deadline, which was Monday, Recon could have faced a possible delisting.
Since implementing a 5:1 reverse stock split on Dec. 27, Recon's shares have exceeded $2 per ADS in each trading day.
Along with the news, the education provider in China, Tarena International, Inc. (Nasdaq: TEDU) also announced today it has regained compliance by meeting the $1 per ADS trading minimum.
Founded in 2007, Recon was China's first non-state-owned oil and gas field service company publicly listed on the Nasdaq stock exchange. In 2017, Recon started to broaden its business by targeting the energy sector, expanding its services in the fields of electric power, coal chemicals, renewable energy and environmental protection.
Earlier this week, Recon announced its data solutions entity partnered with Xinglin Gas Station, to expand in the oil and gas industry.