Recon Technology , Ltd (NASDAQ:RCON), a leading non-state owned oil and gas field service company in China, has been granted a 180-day extension by NASDAQ to meet its minimum bid price requirement. The extension was confirmed on Wednesday, October 25, 2023, allowing the company until April 22, 2024, to ensure that its shares maintain a minimum bid price of $1.00 per share for at least ten consecutive trading days.
Recon Technology is the first company of its kind from China to be listed on NASDAQ. It provides Sinopec (OTC:SHIIY) and CNPC with advanced technologies and equipment aimed at boosting petroleum extraction and lowering production costs.
In addition to the extension announcement, Recon Technology also released forward-looking statements outlining its future plans and expectations.
InvestingPro Insights
In light of the recent developments, let's delve into some real-time data and tips from InvestingPro. Recon Technology (RCON) holds more cash than debt on its balance sheet, indicating strong financial health. The stock is also trading at a low Price / Book multiple, suggesting that it may be undervalued. However, it's worth noting that the company has been quickly burning through cash, which could potentially impact its ability to meet future obligations.
Turning our attention to the InvestingPro Data, as of Q2 2023, RCON has a market cap of 11.84M USD and a negative P/E ratio of -1.37, indicating that it was not profitable over the last twelve months. The revenue for the same period was 10.86M USD, showing a decrease in growth by -2.92%.
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