SHENZHEN,
China, June 24, 2024 /PRNewswire/ -- Taoping Inc.
(Nasdaq: TAOP, the "Company"), a developer of innovative smart
cloud platform services and solutions, new media and artificial
intelligence solutions, today announced that on June 21, 2024, it received a written notification
letter (the "Notification 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 May 6,
2024 through June 20, 2024,
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 the Notification
Letter.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has a compliance period of 180 calendar days, or until
December 18, 2024 (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.
If the Company chooses to implement a reverse stock split, it must
complete the split no later than ten business days prior to
December 18, 2024 in order to regain compliance.
In the event the Company does not regain
compliance with the minimum bid price requirement by December 18, 2024, the Company may be eligible
for an additional 180 calendar day grace period. 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, to Nasdaq. 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.
The Notification Letter 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".
The Company intends to monitor the closing bid
price of the ordinary shares and may, if appropriate, consider
implementing available options to regain compliance with the
minimum bid price requirement under Nasdaq Listing Rule
5550(a)(2).
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. For more information about Taoping, please
visit www.taop.com. You can also follow us on X.
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 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 the Company 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.