Business
TAOP Granted 180-Day Extension by NASDAQ to Regain Compliance with Minimum Bid Price Rule
SHENZHEN, China, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a leading provider of internet-based smart display screens, and
About this update from Taoping Inc.
[{"type":"text","content":"SHENZHEN, China, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a leading provider of internet-based smart display screens, and a new-media ecosystem that enable targeted advertising and online retails, today announced that on December 17, 2019, it received a notification letter from Nasdaq that the Company has been granted an additional 180-day compliance period, or until June 15, 2020, to regain compliance with minimum bid price rule.\n Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. Previously, in a notification letter dated June 18, 2019, Nasdaq had notified the Company that, based on the previous 30 consecutive business days, the Company’s listed security no longer met the minimum $1 bid price per share requirement. Therefore, in accordance with Nasdaq’s Listing Rules, the Company was provided 180 calendar days, or until December 16, 2019, to regain compliance. If at any time before June 15, 2020, the closing bid price of the Company’s security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed. This current notification from Nasdaq has no immediate effect on the listing or trading of the Company's ordinary shares, which will continue to trade on the Nasdaq Capital Market under the symbol \"TAOP\". The Company will actively monitor the closing bid price of its ordinary shares between now and June 15, 2020, and intends to consider all available options to resolve the deficiency and regain compliance within the additional compliance period provided. About Taoping Inc. Taoping Inc. (formerly known as China Information Technology, Inc.) (TAOP), is a leading provider of smart display terminals for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens...