Infobird Co., Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Infobird regains compliance with Nasdaq's minimum bid price requirement

Positive

• Infobird has regained compliance with Nasdaq's minimum bid price requirement
• The matter is now closed
• The Company evidenced a closing bid price of at least $1.00 per share for 10 consecutive business days

Negative

• None.

BEIJING, May 31, 2023 /PRNewswire/ – Infobird Co., Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a software-as-a-service provider of AI-powered customer engagement solutions in China, today announced that it received a notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on May 30, 2023 notifying the Company that it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement and that the matter is now closed.

On December 6, 2022,  the Company was notified by Nasdaq of its failure to maintain a minimum closing bid price of at least $1.00 per share for 30 consecutive trading days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given 180 days, or until June 5, 2023, to regain compliance. Effective May 15, 2023, the Company effected a 1-for-5 share consolidation.

The Notice noted that as of May 30, 2023, the Company evidenced a closing bid price of its ordinary shares at or greater than $1.00 per share for at least 10 consecutive business days from May 15, 2023 through May 26, 2023. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), and Nasdaq considers the matter closed.

About Infobird Co., Ltd

Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China. For more information, visit Infobird's website at www.Infobird.com.

View original content:https://www.prnewswire.com/news-releases/infobird-co-ltd-regains-compliance-with-nasdaq-minimum-bid-price-requirement-301838675.html

SOURCE Infobird Co., Ltd

FAQ

What is the news about Infobird?

Infobird has regained compliance with Nasdaq's minimum bid price requirement.

What is the impact of the news on Infobird's stock price?

The matter is now closed and it may positively affect the stock price.

What was the minimum bid price requirement?

The minimum bid price requirement was at least $1.00 per share.

How long did Infobird have to regain compliance?

Infobird had 180 days, until June 5, 2023, to regain compliance.

What action did the Company take to regain compliance?

The Company effected a 1-for-5 share consolidation.

When did the Company evidence a closing bid price of at least $1.00 per share?

The Company evidenced a closing bid price of at least $1.00 per share for 10 consecutive business days from May 15, 2023 through May 26, 2023.