Color Star Regains Compliance with Nasdaq Minimum Bid Price

Rhea-AI Summary

Color Star Technology Co., Ltd. (Nasdaq: ADD) announced it has regained compliance with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550(a)(2). This follows a notification on December 22, 2022, indicating the company had fallen below the threshold for 30 consecutive business days. As of January 24, 2023, Color Star's shares closed at or above $1.00 for the required 10 consecutive days, resolving the compliance issue. The company, focusing on entertainment and education services, emphasizes the importance of technological integration in its operations.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement of $1.00.
• Share price stability maintained for the required duration to meet compliance.

Negative

• None.

NEW YORK, Jan. 27, 2023 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: ADD) ("Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, announces today that it has received a Bid Price Compliance Letter from the Nasdaq Listing Qualifications Staff of the NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market.

On December  22, 2022, Nasdaq notified the Company that the minimum bid price per share for its ordinary shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2).

On January 24, 2023, Nasdaq determined that for the last 10 consecutive business days, from December 22, 2022 to January 6, 2023, the closing bid price of the Company's ordinary shares  has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and considers this matter now closed.

About Color Star Technology Co., Ltd.

Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD conducts its business; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.

 

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SOURCE Color Star Technology Co., Ltd.

FAQ

What does Color Star Technology's compliance with Nasdaq mean for shareholders?

It means that Color Star Technology (Nasdaq: ADD) has met the minimum bid price requirement, which helps maintain its listing on the exchange and can positively influence investor confidence.

When did Color Star Technology fall below the minimum bid price?

Color Star Technology was notified on December 22, 2022, that its share price was below $1.00 for 30 consecutive business days.

What was the share price of Color Star Technology before regaining compliance?

Prior to regaining compliance, Color Star Technology's share price had fallen below $1.00, which triggered the compliance notification from Nasdaq.

How many consecutive business days did Color Star Technology meet the bid price requirement?

Color Star Technology met the bid price requirement for the last 10 consecutive business days from January 6, 2023.

What is the significance of the Bid Price Compliance Letter from Nasdaq?

The Bid Price Compliance Letter indicates that Color Star Technology has returned to compliance with Nasdaq's minimum bid price rules, essential for maintaining its listing.