IMTE Receives Nasdaq Notice Regarding Minimum Bid Requirements

Rhea-AI Summary

Integrated Media Technology Limited (NASDAQ: IMTE) received a notification from Nasdaq on November 2, 2022, regarding a failure to meet the minimum bid price requirement. The company's stock price has been below $1.00 for 30 consecutive business days. This notification has no immediate impact on trading. IMTE has a compliance period until May 1, 2023, to regain compliance by achieving a closing bid price of at least $1.00 for 10 consecutive business days. If not compliant by May 1, it may be eligible for an additional 180-day period.

Positive

• The Notification Letter does not immediately affect the trading status of IMTE stock on Nasdaq.
• IMTE has a structured compliance plan to regain compliance with Nasdaq's requirements.

Negative

• The stock price has been below the $1.00 minimum bid price for 30 consecutive business days, indicating potential financial instability.
• Failure to regain compliance by May 1, 2023, could lead to a reverse stock split, affecting shareholder value.

SYDNEY and NEW YORK, Nov. 3, 2022 /PRNewswire/ --  Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE" or the "Company"), announces today that on November 2, 2022, the Company received a notification letter (the "Notification Letter") from the Listings Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") regarding a failure to meet Nasdaq's minimum bid price requirements. The Notification Letter informed the Company that the minimum closing bid price per share for its common stock was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

The Notification Letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until May 1, 2023 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance by May 1,2023, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to the expiration of the second compliance period.

About Integrated Media Technology Limited ("IMTE")

IMTE is an Australian company engaged in the business of manufacture and sale of nano coated plates for filters, the manufacture and sale of electronic glass, Halal certification and distribution of Halal products and the operating of an online exchange platform for trading in digital assets. For more information, please visit www.imtechltd.com.

Safe Harbor Regarding Forward-Looking Statements

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 section entitled "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 and at http://www.imtechltd.com.

 

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SOURCE Integrated Media Technology Limited

FAQ

What does the Nasdaq notification mean for IMTE?

The Nasdaq notification indicates that IMTE's stock price has been below the required $1.00 minimum for 30 days, but it does not affect trading immediately.

How long does IMTE have to regain compliance with Nasdaq?

IMTE has until May 1, 2023, to regain compliance with Nasdaq's minimum bid price requirement.

What actions can IMTE take if it doesn't meet the minimum bid requirement?

If IMTE does not meet the requirement by May 1, 2023, it may be eligible for an additional 180 days to regain compliance, potentially through actions like a reverse stock split.

What happens if IMTE's stock price remains below $1.00?

If IMTE fails to meet the minimum bid requirement, it may face delisting from Nasdaq.

What is the current stock price of IMTE?

As of the latest report, IMTE's stock price is below $1.00, triggering the notification from Nasdaq.