China Medicine Corporation, a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines and other health products in China, has announced that the Company's Board of Directors authorized a voluntary withdrawal of the Company's application for listing its common stock on the Nasdaq Global Market.
On March 9, 2010, the Company announced its intention to list on Nasdaq in order to broaden its shareholder base, improve trading liquidity and raise the Company's profile in the investment community. On March 17, 2011, the Company notified Nasdaq of its intention to voluntarily withdraw its listing application and it received immediate confirmation of the acceptance of the withdrawal. The decision to withdraw at this time resulted from the inability of the Company to satisfy Nasdaq Listing Rule 5405(a)(1) regarding the $4.00 minimum bid price for initial listing on the Nasdaq Global Market. The voluntary withdrawal does not preclude the Company from making an application for listing on the Nasdaq Stock Market in the future.