11/25/11 EOD: $0.90
Yep, it's last week's news, but I haven't updated in a long time and this is interesting news.
Mr. Jian Huai Lin, Chairman & CEO of CNIT, has decided to purchase up to $2M of CNIT stock as part of the stock repurchase program that was extended in September. The news helped briefly push the stock back above $1 the following day, after it had been beaten in the previous week due to a less than glamorous quarterly earnings report.
On black friday (11/25), amidst a failed market rally, small stocks largely suffered and CNIT fell on fairly low volume. I wouldn't read into this too much due to the volume and the lack of any additional substantial news.
Sorry, I was out of the country and couldn't reply.
ReplyDeleteYou were asking before about de-listing requirements, here are those.
http://www.wilmerhale.com/files/upload/Nasdaq_Listing_Requirements.pdf
As of this writing it has been about 7 trading days since cnit broke a buck. I believe if they don't break a dollar by end of next week, then they won't break a dollar without intervention. I will probably double my holdings next week if it dips to .80 cents.
For got to add the entire site...
ReplyDeletehttp://www.wilmerhale.com/publications/whPubsDetail.aspx?publication=2154