2022-11-03 | NDAQ:IMTE | Press release
SYDNEY and NEW YORK, November 3, 2022 /PRNewswire/ — Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the “Company”), today announced this on November 2, 2022, the Company has received a notification letter (the “Notification Letter”) from The Nasdaq Stock Market LLC’s (“Nasdaq”) Listing Qualifications Department regarding non-compliance with the Nasdaq Minimum Bid Price Requirements. The notification letter advised the Company that the minimum closing bid price per share for its common stock was lower $1.00 for a period of 30 consecutive business days and the Company has not satisfied the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). This press release is issued pursuant to Nasdaq listing rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
The notification letter has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until May 1, 2023 (the “Compliance Period”), to comply again to the Nasdaq minimum bid price requirement. . If at any time during the Compliance Period the closing bid price per common share of the Company is at least $1.00 for at least 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and the case will be closed.
In the event that the Company does not return to compliance by May 1, 2023, the Company may be granted an additional period of 180 calendar days to restore compliance. To qualify, the Company will be required to meet the continuous listing requirement for publicly held stock market value and all other initial listing standards for Nasdaq Capital Markets, except the offer price requirement, and will be required to provide written notice of its intention to remedy the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Company elects to implement a stock split, it must complete the stock split no later than ten business days prior to the expiration of the second compliance period.
About Integrated Media Technology Limited (“IMTE”)
IMTE is an Australian company specializing in the manufacture and sale of nano-coated plates for filters, the manufacture and sale of electronic glass, the Halal certification and distribution of Halal products and the operation of an exchange platform in line for trading digital assets. For more information, please visit www.imtechltd.com.
Safe Harbor Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding the expectations, intentions, strategies and beliefs of IMTE regarding future events or future financial results. performance. Actual events or results may differ materially from those in the forward-looking statements due to a variety of important factors, including those described in the Company’s most recent filings with the SEC. IMTE undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section titled “Risk Factors” in IMTE’s Annual Reports on Form 20-F and Interim Reports. on Form 6-K filed with the SEC, as such factors may be updated from time to time in IMTE’s periodic filings with the SEC, which are accessible on the SEC’s website and at http://www.imtechltd.com.
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SOURCE Integrated Media Technology Limited