Color Star Technology Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

Color Star Technology Co., Ltd. (Nasdaq: HHT) announced on August 10, 2020, that it has regained compliance with Nasdaq Listing Rules 5550(a)(2). The company maintained a closing bid price of at least $1.00 per share for 20 consecutive days, from July 13 to August 7, 2020. This compliance allows HHT to continue being listed on Nasdaq, with the prior bid price deficiency matter now resolved. Further details will be provided in the Form 6-K filing with the SEC.

Positive

• Regained compliance with Nasdaq Listing Rules 5550(a)(2).
• Maintained a closing bid price of at least $1.00 for 20 consecutive days.

Negative

• None.

NEW YORK, Aug. 12, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company"," we", or "HHT") announces that on August 10, 2020, the Company received a letter from Nasdaq notifying the Company that it had regained compliance with Nasdaq Listing Rules 5550(a)(2), as the Company maintained a closing bid price of $1.00 per share or greater for twenty (20) consecutive days from July 13 through August 7, 2020. Accordingly, Nasdaq Staff has determined that the Company complies with the Rule, and the prior bid price deficiency matter is now closed.

Additional details regarding the Compliance Letter can be found in the Form 6-K to be filed with the Securities and Exchange Commission.

About Color Star Technology Co., Ltd.

Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative education services for music and entertainment industries globally. 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. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC.

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include the business plans, objectives, expectations and intentions of the parties following the completion of the acquisition, and HHT's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty due to the COVID-19 pandemic and the impact it will have on HHT's operations, the demand for the HHT's products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT. Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT's SEC filings are available publicly on the SEC's website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Color Star Technology Co., Ltd.
Contact: Investor Relations
FinancialBuzzIR™
info@FinancialBuzzIR.com
Tele: +1-877-601-1879

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SOURCE Color Star Technology Co., Ltd.

FAQ

When did Color Star Technology regain compliance with Nasdaq rules?

Color Star Technology regained compliance on August 10, 2020.

What was the closing bid price maintained by HHT to regain compliance?

HHT maintained a closing bid price of at least $1.00 per share.

How long did HHT maintain the necessary bid price to comply with Nasdaq?

HHT maintained the necessary bid price for 20 consecutive days from July 13 to August 7, 2020.

What Nasdaq Listing Rule did HHT comply with?

HHT complied with Nasdaq Listing Rule 5550(a)(2).

Where can I find more details about the compliance letter?

Additional details regarding the compliance letter can be found in the Form 6-K to be filed with the SEC.