IMTE Announces Receipt of Deficiency Letter from Nasdaq
Integrated Media Technology (IMTE) announced receiving a deficiency letter from Nasdaq due to a delay in filing its annual report for the year ending December 31, 2023. The company now has until July 16, 2024, to submit a compliance plan to Nasdaq. If accepted, IMTE could receive an extension until November 11, 2024, to regain compliance. The delay is attributed to the additional time needed by their independent auditors. This notification does not immediately affect the listing of IMTE shares on the Nasdaq Capital Market.
- Intends to submit a compliance plan promptly to address Nasdaq deficiencies.
- No immediate impact on the listing of IMTE shares on Nasdaq Capital Market.
- Potential extension until November 11, 2024, to regain compliance, providing additional time for resolution.
- Received a deficiency letter for failing to timely file the annual report.
- Potential risk of delisting if compliance is not achieved by the extended deadline.
- The delay in filing indicates potential internal or financial audit challenges.
Insights
Integrated Media Technology Limited (IMTE) has received a deficiency letter from Nasdaq due to a delay in filing its annual report. This situation can raise several concerns for retail investors. The primary issue here is **compliance risk**. Failing to meet regulatory filing deadlines can signal potential **internal control weaknesses** or **financial distress**. Investors should be cautious as this might lead to future **liquidity issues** or **penalties**.
The good news is that IMTE has a clear timeline to rectify the situation. They have until July 16, 2024, to submit a compliance plan and potentially until November 11, 2024, to regain compliance. This indicates that management is aware of the issue and is actively working towards a solution. However, the message from the company about needing more time for the audit might indicate **complexities** in their financial records.
In the short term, this news might affect **investor sentiment** and **stock price volatility**. However, if the company does manage to file the annual report and regain compliance within the given timeframes, this could stabilize. Long term, the company's ability to maintain **transparency** and **regulatory compliance** will be important for sustained investor confidence.
From a market perspective, the deficiency letter from Nasdaq brings a degree of **uncertainty** to IMTE's stock. Nasdaq's compliance rules are stringent and receiving such a notification often prompts investors to reassess their positions. The delay in filing may point to **operational challenges** within the company, which can be a red flag.
Given IMTE's diverse business areas, including **nano coated plates**, **digital assets trading** and **new energy solutions**, the implications of this compliance issue might vary across its segments. Investors should watch for any updates on the audit process as it could provide additional insights into the company's **financial health** and **operational efficiency**.
In the longer term, the ability of IMTE to resolve this issue promptly and maintain compliance will be critical. Any prolonged uncertainty could potentially affect the company's market position and investor trust. Monitoring the company's next moves and adherence to Nasdaq's requirements will be essential for understanding the future trajectory of IMTE's stock.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company has until July 16, 2024 (that is, 60 calendar days from the date of the Deficiency Letter) to submit to Nasdaq a plan (the "Compliance Plan") to regain compliance with the Nasdaq Listing Rules. The Company intends to submit the Compliance Plan as soon as practicable.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(ii), if Nasdaq accepts the Compliance Plan, Nasdaq can grant the Company an exception until November 11, 2024 (that is, up to 180 calendar days from the extended due date of the Annual Report) to regain compliance. The Company's independent registered public accounting firm will require additional time to conduct an audit of the Company's financial statements for the year ended December 31, 2023. The Company intends to file the Annual Report as soon as practicable.
The Deficiency Letter has no immediate impact on the listing of the Company's ordinary shares on the Nasdaq Capital Market.
This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the businesses of the manufacturing of electronic glass, trading in Halal products, the manufacture and sale of nano coated plates for filters, the trading of luxury products on its digital assets trading platform, sale of new energy products and solutions, and the manufacturing and sale of electronic glass. For more information, please visit www.imtechltd.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding IMTE's expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company's most recent filings with the SEC. IMTE assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the sections entitled but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in IMTE's annual reports on Form 20-F and interim reports on Form 6-K filed with the SEC, as such factors may be updated from time to time in IMTE's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov and at www.imtechltd.com.
Investor Relations Contact:
Email: investors@imtechltd.com
View original content:https://www.prnewswire.com/news-releases/imte-announces-receipt-of-deficiency-letter-from-nasdaq-302153064.html
SOURCE Integrated Media Technology Limited
FAQ
What is the impact of the Nasdaq deficiency letter on IMTE stock?
What is the deadline for IMTE to submit the compliance plan to Nasdaq?
What happens if IMTE's compliance plan is accepted by Nasdaq?
Why did IMTE receive a deficiency letter from Nasdaq?
What actions is IMTE taking in response to the deficiency letter?
