Taoping Receives NASDAQ Minimum Bid Price Requirement Extension

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) announced it received an extension from Nasdaq on March 16, 2023, allowing 180 additional days to meet its minimum bid price requirement, expiring on September 11, 2023. The extension was granted as Taoping meets all other Nasdaq listing requirements, except for the bid price, which must reach at least $1.00 for ten consecutive business days. The company plans to address this by potentially effecting a reverse stock split if necessary. The ordinary shares will continue trading uninterrupted under the ticker TAOP.

Positive

• Received an additional 180-day extension to comply with the minimum bid price requirement.
• Meets all other Nasdaq listing requirements.

Negative

• Must achieve a closing bid price of at least $1.00 per share by September 11, 2023, to maintain listing.
• Potential need for a reverse stock split raises concerns about share value.

HONG KONG, March 17, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping") today announced that on March 16, 2023, it received a letter 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 September 11, 2023 (the "Additional Compliance Period"). The Additional Compliance Period was granted because the Company meets the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and the Company's written notice to Nasdaq of its intention to cure the deficiency during the Additional Compliance Period by effecting a reverse stock split, if necessary.  The notification 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".

To regain compliance with Nasdaq's minimum bid price requirement, the closing bid price of the Company's ordinary shares needs to be at least $1.00 per share or greater for at least ten consecutive business days by September 11, 2023, at which time Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

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. To learn more, please visit www.taop.com.

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 due to our limited operating history of providing blockchain technology and smart cloud services, the effects of the global Covid-19 pandemic, 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 TAOP 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 did Taoping Inc. announce on March 16, 2023?

Taoping announced it received a 180-day extension from Nasdaq to meet its minimum bid price requirement.

What is the new deadline for Taoping Inc. to comply with Nasdaq requirements?

The new deadline is September 11, 2023.

What is the minimum bid price requirement for Taoping Inc. to maintain its Nasdaq listing?

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

How does Taoping Inc. plan to address the minimum bid price requirement?

Taoping may effect a reverse stock split if necessary to meet the requirement.

Does the extension affect Taoping's stock trading status?

No, the ordinary shares will continue to trade uninterrupted on Nasdaq under the ticker TAOP.