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IMTE Announces 180-Day Extension to Regain Compliance with Nasdaq Minimum Bid Price Requirement
SYDNEY and NEW YORK, May 4, 2023 /PRNewswire/ -- As previously disclosed on a Form 6-K filed on November 3, 2022, on November 2, 2022, Integrated Media
About this update from Integrated Media Technology Limited
[{"type":"text","content":"SYDNEY and NEW YORK, May 4, 2023 /PRNewswire/ -- As previously disclosed on a Form 6-K filed on November 3, 2022, on November 2, 2022, Integrated Media Technology Limited (NASDAQ: IMTE) (\"IMTE\" or 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). In accordance with its Listing Rules, the Company has a compliance period of 180 calendar days, or until May 1, 2023, to regain compliance with Nasdaq's minimum bid price requirement.\n\n \n \n \n \n \n \n\n \nOn May 2, 2023, the Company received a letter from Nasdaq notifying the Company that, while the Company has not regained compliance with the Minimum Bid Price Requirement, Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until October 30, 2023, (the \"Second Compliance Period\") to regain compliance. Nasdaq's determination was based on (i) the Company meeting 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 Minimum Bid Price Requirement, and (ii) the Company's written notice to Nasdaq of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary.\nIf at any time during the Second Compliance Period, the closing bid price of the Company's common stock is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance. If compliance with the Minimum Bid Price Requirement cannot be demonstrated by October 30, 2023, Nasdaq will provide written notification that the Company's common stock will be delisted. At that time, the Company may appeal Nasdaq's determination to a Hearings Panel. Accordingly, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price R...