Taoping Receives Nasdaq Minimum Bid Price Requirement Extension

Rhea-AI Summary

Taoping Inc. (Nasdaq: TAOP) has received a 180-day extension from Nasdaq until June 16, 2025, to meet the minimum bid price requirement. To maintain its Nasdaq listing, TAOP must achieve a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. The company is considering various compliance options, including a potential reverse stock split, which must be implemented at least ten business days before the deadline. Meanwhile, TAOP's ordinary shares continue to trade normally on Nasdaq under the ticker 'TAOP'.

Positive

• Received 180-day extension from Nasdaq for compliance
• Shares continue trading uninterrupted on Nasdaq

Negative

• Risk of potential delisting if $1.00 minimum bid requirement not met by June 2025
• Possible reverse stock split implementation to meet requirements

SHENZHEN, China, Dec. 20, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a provider of innovative smart cloud platform services and solutions, new media and artificial intelligence (AI) solutions, today announced that on December 19, 2024, it received notification from The Nasdaq Stock Market LLC ("Nasdaq") confirming the Company has been granted an additional 180 calendar day period for compliance under its minimum bid price requirement through June 16, 2025.

To regain compliance with Nasdaq's minimum bid price requirement set forth under Nasdaq Listing Rule 5810(c)(3)(A), the closing bid price of the Company's ordinary shares needs to be at least US$1.00 per share or greater for at least ten consecutive business days by June 16, 2025.

The Company intends to monitor the closing bid price of the ordinary shares and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to June 16, 2025 in order to regain compliance.

This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of the Notification Letter. The Notification Letter has no immediate effect on the listing of the Company's ordinary shares, which will continue to trade uninterrupted on Nasdaq under the ticker "TAOP".

About Taoping Inc.

Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit http://en.taop.com.  You can also follow us on X.

Safe Harbor Statement

This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results, the effects of the global Covid-19 pandemic or other health crisis, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China's legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

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SOURCE Taoping Inc.

FAQ

What is the deadline for Taoping (TAOP) to meet Nasdaq's minimum bid requirement?

Taoping has until June 16, 2025, to meet Nasdaq's minimum bid requirement.

What minimum share price must TAOP maintain to remain listed on Nasdaq?

TAOP must maintain a closing bid price of at least $1.00 per share for at least ten consecutive business days.

What options is TAOP considering to meet Nasdaq's minimum bid requirement?

TAOP is considering various options, including a potential reverse stock split, which must be implemented at least ten business days before June 16, 2025.

Will TAOP's stock continue trading during the compliance period?

Yes, TAOP's ordinary shares will continue trading uninterrupted on Nasdaq under the ticker 'TAOP'.