Color Star Technology Received Nasdaq Notification Letter Regarding Bid Price Deficiency

Rhea-AI Summary

Color Star Technology Co., Ltd. (Nasdaq: ADD) received a notification letter from Nasdaq regarding its non-compliance with the minimum bid price requirement. The company's Class A ordinary shares have been below $1.00 for 30 consecutive business days, triggering the notification. However, the notification has no immediate effect on the listing of the company’s ordinary shares on Nasdaq. Color Star has until May 13, 2024, to regain compliance, with the possibility of an additional 180-day extension if certain conditions are met.

NEW YORK, Nov. 16, 2023 (GLOBE NEWSWIRE) -- 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, announced today that on November 14, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that the minimum bid price per share for its Class A 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).

The notification received has no immediate effect on the listing of the Company’s ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the Company has until May 13, 2024 to regain compliance. If at any time during such 180-day period the closing bid price of the Company’s Class A ordinary shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.

If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

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 and www.colorstar.investorroom.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. 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.

For more information, please contact:

Color Star Investor Relations
80 Broad Street, 5th Floor
New York, NY 10005
Office: (212) 410-5186
Email ir@colorstarinternational.com

FAQ

What is the notification Color Star received from Nasdaq?

Color Star received a notification letter from Nasdaq stating that its Class A ordinary shares have been below $1.00 for 30 consecutive business days, triggering non-compliance with the minimum bid price requirement.

What is the deadline for Color Star to regain compliance?

Color Star has until May 13, 2024, to regain compliance with the minimum bid price requirement.

What happens if Color Star does not regain compliance by May 13, 2024?

If Color Star does not regain compliance by May 13, 2024, it may be eligible for an additional 180-day extension under certain conditions, including providing a written notice of its intention to cure the deficiency.