NEW YORK, Oct. 22, 2020 /PRNewswire/ -- Color Star
Technology Co., Ltd. (Nasdaq CM: CSCW) (the "Company", or "Color
Star"), a company engaged in the businesses of providing online and
offline paid knowledge services for the media, entertainment and
culture industries globally, today announced on October 16, 2020, the Company received a
notification letter (the "Notification") from Nasdaq Listing
Qualifications advising the Company that based upon the closing bid
price for the Company's ordinary shares for the past 30 consecutive
business days, the Company no longer met the minimum $1.00 per share Nasdaq continued listing
requirement set forth in Nasdaq Listing Rule 5550(a)(2). The
Notification also stated that Under Rule 5810(c)(3)(A), the Company
would be provided 180 calendar days, or until April 14, 2021, to
regain compliance with the foregoing listing requirement. To do so,
the bid price of the Company's ordinary shares must close at or
above $1.00 per share for a minimum of 10 consecutive business days
prior to that date.
In the event the Company does not regain compliance by the first
compliance deadline, the Company may be eligible for additional
time to regain compliance. To qualify, the Company will be required
to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
Company meets these requirements, the Nasdaq staff will inform the
Company that it has been granted an additional 180 calendar days.
However, if it appears to the Nasdaq staff that the Company will
not be able to cure the deficiency, or if the Company is otherwise
not eligible, the staff will provide notice that its securities
will be subject to delisting.
The Company provides no assurance that its ordinary shares will
trade at levels necessary to regain and maintain compliance with
the above-referenced bid price rule before the compliance deadline.
The Company intends to continue to monitor the bid price for its
ordinary shares. If the Company's ordinary shares do not trade at a
level that is likely to regain compliance with the Nasdaq
requirements, the Company's Board of Directors will consider other
options that may be available to achieve compliance.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) offers online
and offline paid knowledge services for media, entertainment and
culture industries globally. Its business operations are conducted
through its wholly-owned subsidiaries Color China Entertainment
Ltd. and CACM Group NY, Inc. The Company's online education is
provided through its Color World music and entertainment education
platform. The Company also offers after-school entertainment
tutoring in New York via its joint venture entity Baytao
LLC. More information about the Company can be found at
www.colorstarinternational.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's
statements regarding its intention to cure the Nasdaq continued
listing deficiency are forward-looking
statement. Forward-looking statements are not guarantee of
future performance and involve risks and uncertainties that may
cause the actual results to differ materially from the Company's
expectations discussed in the forward-looking statements. These
statements are subject to uncertainties and risks including, but
not limited to, the following: the Company's goals and
strategies; the Company's future business development; product and
service demand and acceptance; changes in technology; economic
conditions; the growth of the educational and training services
market in China and other
countries where CSCW conducts its business; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions and
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the Securities
and Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward–looking statements to reflect events or
circumstances that arise after the date hereof.
For more information, please contact:
Tony Tian, CFA
Email: ttian@weitianco.com
Phone: +1-732-910-9692
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SOURCE Color Star Technology Co., Ltd.