Taoping Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

On September 16, 2022, Taoping Inc. (NASDAQ: TAOP) received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement of $1.00 per share. The deficiency was noted after the company’s stock failed to maintain this price for 30 consecutive business days. Taoping has a 180-day compliance period to rectify this, extending to March 15, 2023. If compliance is not achieved, a second grace period may be available. Should the company remain non-compliant thereafter, delisting may occur, allowing for an appeal process.

Positive

• The company continues to trade uninterrupted on Nasdaq under the ticker 'TAOP'.
• Potential for an additional compliance period if necessary.

Negative

• Non-compliance with Nasdaq's minimum bid price requirement.
• If compliance is not achieved by March 15, 2023, the company may face delisting.

HONG KONG, Sept. 16, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP"), today announced that on September 16, 2022, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of US$1.00 per share.  Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days.  Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from August 4, 2022 through September 15, 2022, the Company no longer meets the minimum bid price requirement. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. 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".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until March 15, 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 ordinary shares 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 with the minimum bid price requirement by March 15, 2023, the Company may be eligible for an additional 180 calendar day grace period.  If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company's ordinary shares, at which point the Company will have an opportunity to appeal the delisting determination to a Hearings Panel.

About Taoping Inc.

Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, 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, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, 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.

For further information, please contact:

Taoping Inc. Chang Qiu chang_qiu@taoping.cn www.taop.com

Global IR Partners David Pasquale TAOP@globalirpartners.com New York Office: +1-914-337-8801

 

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SOURCE Taoping Inc.

FAQ

What did Taoping Inc. announce on September 16, 2022 regarding Nasdaq compliance?

Taoping Inc. announced that it received a notification of non-compliance with Nasdaq’s minimum bid price requirement.

What is the minimum bid price requirement for Taoping Inc. to remain compliant with Nasdaq?

The minimum bid price requirement is $1.00 per share.

What is the deadline for Taoping Inc. to regain compliance with Nasdaq's minimum bid price?

The deadline to regain compliance is March 15, 2023.

What happens if Taoping Inc. does not regain compliance by the deadline?

If compliance is not regained, Taoping may be eligible for a second 180-day grace period before potentially facing delisting.

How long was Taoping Inc. non-compliant before receiving the notification from Nasdaq?

Taoping Inc. was non-compliant for 30 consecutive business days.