Color Star Technology Co., Ltd. (NASDAQ: CSCW) Announces Receipt of Extension to Meet the Nasdaq's Minimum Bid Price Requirement

Rhea-AI Summary

Color Star Technology Co., Ltd. (Nasdaq: CSCW) announced it received a 180-day extension from Nasdaq to regain compliance with the minimum $1 bid price per share requirement, expiring on October 24, 2022. The company first notified by Nasdaq in October 2021 failed to meet the compliance within the initial period. Should the bid price close at or above $1 for 10 consecutive days before the deadline, compliance will be restored. The company specializes in entertainment technology and online music education through its Color World platform.

Positive

• Received a 180-day extension to meet Nasdaq's minimum $1 bid price requirement.
• Opportunity to regain compliance if share price meets criteria.

Negative

• Failed to maintain minimum bid price for 30 consecutive trading days.
• Previous compliance period ended without fulfillment of requirements.

NEW YORK,  April 27, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq: CSCW) ("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 on April 26, 2022, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is eligible for an additional 180 calendar day period, or until October 24, 2022, to regain compliance with the Nasdaq's minimum $1 bid price per share requirement.

The Company was first notified by Nasdaq of its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive trading days under Nasdaq Listing Rule 5550(a)(2) and 5810(c)(3)(A) on October 27, 2021, and was given until April 25, 2022 to regain compliance. The Company did not regain compliance with the minimum $1 bid price per share requirement during the first 180-calendar-day compliance period and has submitted the written notice of its intention to cure the deficiency during the second compliance period.

If at any time before October 24, 2022, the bid price of the Company's ordinary shares closes at or above $1 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Nasdaq Listing Rules, and the matter will be closed.

About Color Star Technology Co., Ltd.

Color Star Technology Co., Ltd. (Nasdaq: CSCW) 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 China Entertainment 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 CSCW 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 is the status of Color Star Technology's compliance with Nasdaq?

Color Star Technology has received a 180-day extension until October 24, 2022, to regain compliance with Nasdaq's minimum $1 bid price requirement.

When was Color Star Technology first notified by Nasdaq regarding its bid price?

Color Star Technology was first notified by Nasdaq on October 27, 2021.

What must Color Star Technology do to regain compliance with Nasdaq?

The company must ensure its share price closes at or above $1 for at least 10 consecutive trading days.

What happens if Color Star Technology fails to regain compliance?

If the company fails to regain compliance by October 24, 2022, it may face delisting from Nasdaq.

What business does Color Star Technology operate in?

Color Star Technology operates in the entertainment and education sector, offering online performances and music education services.